Shares of Whirlpool of India Ltd. rose to the highest level in one year on Thursday after it announced its collaboration with Hindustan Unilever Ltd.'s homecare product to enhance the laundry experience in the country.
Whirlpool is partnering with Surf Excel to integrate innovative technologies from both brands. This will help the washing machine manufacturer deliver superior fabric care, an exchange filing said.
The partnership came to light in a new campaign, which features the Whirlpool Top Load Washing Machine and Surf Excel Matic Liquid Detergent, the company said.
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Shares of Whirlpool India Ltd. rose 2.75% intraday, the highest level since Sept. 8, 2022. They pared gains to trade 1.88% higher at Rs 1,821.25 per share at 11:17 a.m., compared to 0.16% advance in the NSE Nifty 50.
The stock has been rising from June 5, and logged 18.40% gain in the last six sessions. It has gained 24.70% in 12 months, and 33.23% year-to-date. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 77.66, which implied the stock was overbought.
Out of 13 analysts tracking the company, six maintain a 'buy' rating, three recommend a 'hold' and four suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 14.3%.
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