Heatwave In India: Since the month of April this year, the entire country is experiencing scorching heat. The scorching sun and heat waves have made life miserable for people. But the increasing heat is proving to be a boon for AC manufacturing companies. Firstly, there is an increase in the demand for ACs and on top of that, the shares of AC manufacturing companies are in high spirits in the stock market. The investors who have invested in the shares of air conditioner manufacturing companies have won the lottery.
More than 800 points jump in Nifty CG index
In the trading session of Monday, April 22, 2024, a huge rise is being seen in the stocks of AC manufacturing companies. There is a rise in the Nifty index of consumer durables. Nifty's Consumer Durables index is trading at 33,584 points with a rise of 822 points or 2.52 percent.
UBS is bullish on Voltas
If we look at the stocks of consumer durables companies, the shares of Tata Group company Voltas, which manufactures ACs, have the biggest rise. Voltas shares are trading at Rs 1387 with a rise of 6.64 percent. Voltas shares have given returns of 42 percent to its shareholders in 2024 and 70 percent in 6 months and more than 30 percent in one month. Global brokerage house UBS has advised investors to buy shares of Voltas with a target price of Rs 1885. According to UBS, there may be a big jump in the market share of Voltas.
Fall in stock of AC companies
Huge buying is being seen in the shares of AC-refrigerator manufacturing company Whirlpool. Whirlpool's stock is trading at Rs 1525 with a rise of 5.76 percent. Shares of Havells India, which manufactures ACs under the Lloyd brand, are also rising strongly. Havells India stock is trading at Rs 1554 with a rise of 3.49 percent. Blue Star's stock is also rising and the share is trading with a rise of 2.37 percent. Apart from this, the stock of Amber Enterprises, which makes ACs for different brands, is also trading in the green. Shares of Amber Enterprises are trading at Rs 3700 with a rise of 1.48 percent.
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