Shares of Voltas gained as much as 11% on Monday to ₹1,392, marking its best single-day performance since June 2020 after the company sold two million air-conditioners in the financial year 2024.
For the March quarter, the Tata Group company reported a 72% volume growth in AC sales compared to the same quarter last year.
Voltas reported a 35% volume growth in AC sales for the full financial year. This is the highest-ever sale of ACs by any brand in a financial year in India, according to a Voltas statement.
The company attributed the record to a strong offline and online distribution network, strong brand equity and innovative launches.
Shares of Voltas are trading well above their key moving averages after Monday’s surge.
On the charts, Voltas’ Relative Strength Index has surged into “overbought” territory at 82. A reading above 70 on the RSI indicates that the stock is in “overbought” territory.
Shares of Voltas are now up 22% so far in April. The stock was flat in both March and February, after having gained 11% in January.
Of the 43 analysts that track Voltas, 19 maintained their “buy” rating on the stock, 15 said “hold,” while nine had a “sell” recommendation.
Shares of Voltas are trading at a record high. The stock has surged 40% so far in 2024.
