Voltas Shares Gain, ‘Well-Positioned’ To Benefit From 2023 Demand Uptick

Shares of Voltas Ltd. were trading higher on Wednesday, set to extend gains for the third straight day as rising heat trends proves beneficial for the air-conditioner maker.

Jefferies maintained a ‘buy’ call on the stock with target price of Rs 1,050, implying a potential upside of 20%.

The stock was trading 2.37% higher at Rs 917, compared with 1.22% decline in benchmark Nifty 50.

The total traded volume so far in the day stood at 7.1 times the 30-day average. The relative strength index stood at 75, indicating that the stock may be overbought.

Of the 44 analysts tracking the stock, 20 maintained ‘buy’, 17 analysts recommended ‘hold’, while seven suggested ‘sell’. The return potential of the stock is 3.3% over the next 12 months.

Source: Bloomberg

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