The Voltas stock rose in early trade today after international brokerage Goldman Sachs maintained a buy target despite the share shedding over 19% in the last six months on concerns over weak AC sales expectations in Q1FY19. At 12:32 pm, the stock rose 2.89% or 15 points to 534.55 level on the BSE.
The stock hit an intra day high of 535.90 on BSE.
It has gained over 14% during the last year.
The brokerage in a note said, "Voltas currently trades at 23 times FY20E earnings per share. The stock presents an appealing opportunity to add to positions as we expect it to bounce back while we cut estimates and target price (-8.6%), still see 22% upside from current levels (target price Rs 640)".
JM Financial assigned a target price of Rs 680 on July 5, 2018. The brokerage recommended to buy the stock at 515 level.
22 of 37 brokerages rate the stock "buy" or higher, seven "hold" and eight "underperform" or "sell", according to Reuters.
The firm reported Rs 2,021.30 crore in net sales for the quarter ended March 31, 2018, 48.09% higher for the quarter ended December 2017.
Its consolidated net profit rose 93.66% to Rs 192.65 crore in Q4 compared with Q3 of the last fiscal.
The Tata Group firm is an air conditioning and engineering company. The company is engaged in room air conditioners, contract revenue, commercial refrigeration products and sale of services. The company's segments include electro-mechanical projects and services; engineering products and services; unitary cooling products for comfort and commercial use, and others.
The company is engaged in the field of air conditioning, refrigeration, as well as in the business of electro-mechanical projects as an engineering, procurement and construction (EPC) contractor.