Trade Call: Budget Day Pick 2024 By Sumeet Bagadia of Choice Broking On Thursday, 1st Feb

Mumbai serves as the headquarters of the international Indian manufacturer of home appliances, Voltas Limited. As his Budget Day Pick for 2024, Executive Director of Choice Broking Sumeet Bagadia is bullish on the Tata-group company for a target of Rs 1175/1250.

Voltas Share Price Target

Buy VOLTAS @ Rs 1057 and add upto Rs 1020 for the target of Rs 1175/1250

VOLTAS is currently trading at Rs 1057. The stock has recently formed a rounding bottom pattern and is consolidating near a resistance level, accompanied by significant trading volume. There are expectations of further upward momentum, with potential targets at Rs 1175 and Rs 1250. On the downside, substantial support is observed around Rs 990.

Moreover, VOLTAS is trading above crucial Exponential Moving Averages (EMAs), including the 20-day and 50-day, indicating a robust bullish momentum and suggesting the possibility of sustained upward price movement. The Relative Strength Index (RSI) is at 63, indicating an upward trend and confirming an increase in buying momentum.

A prudent strategy involves considering buying opportunities during market dips at levels of Rs 1020. In summary, given the technical analysis and current market conditions, VOLTAS appears to offer a promising buying opportunity for those aiming for a target price of Rs 1175 and Rs 1250, contingent upon the implementation of prudent risk management measures.

Voltas Financials

The consolidated financial results of Voltas Limited, the global provider of engineering and air conditioning services to the Tata Group, for the quarter and nine months ended December 31, 2023, have been released by the Board of Directors of the firm. Compared to the same quarter last year, when it was Rs. 2036 crores, the consolidated total income for the quarter that ended on December 31, 2023, was 32% higher at Rs. 2684 crores. Compared to a loss of Rs. 80 crores in the same quarter the previous year, profit before tax (PBT) was Rs. 24 crores. The net loss (after tax) for the quarter was Rs. 28 crores, down from the loss of Rs. 110 crores in the same period the previous year.

From Rs. 6,664 crores during the same time last year to Rs. 8,477 crores for the nine months that ended on December 31, 2023, there was a 27 per cent rise in consolidated total income. Profit before tax was at Rs.312 crores as compared to Rs.93 crores in the same period last year whereas net profit (after tax) stood at Rs.137 crores as against a loss of Rs.7 crs in the corresponding period last year.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.