- Prime Minister Modi proposed GST reforms reducing AC goods tax from 28% to 18%
- Voltas shares rose nearly 10%, leading a rally in AC stocks including Blue Star
- Blue Star shares gained up to 8.65%, trading 7.41% higher at 9:45 a.m.
India's air conditioner companies' stocks Blue Star Ltd., Voltas Ltd., PG Electroplast Ltd., and EPACK Durable Ltd. surged on Monday after Prime Minister Modi announced the proposal for massive reforms in Goods and Service tax. The likely changes may bring down the rate of these consumer durable goods from the current 28% to 18%.
Voltas led the rally with nearly 10% surge, followed by Blue Star. PG Electroplast, and EPACK Durable are the other AC stocks that have risen over 7%.
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"The Centre has circulated the draft of the next-generation GST reforms among states and sought their cooperation to implement the proposal before Diwali," said the PM.
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Blue Star Share Price
Shares of Blue Star rose as much as 8.65% to Rs 1,939.60 apiece. They pared gains to trade 7.41% higher at Rs 1,917.40 apiece, as of 9:45 a.m. This compares to a 1.51% advance in the NSE Nifty 50.
The stock has risen 11.58% in the last 12 months and fallen 10.42% year-to-date. Total traded volume so far in the day stood at 0.55 times its 30-day average. The relative strength index was at 48.52.
Out of 23 analysts tracking the company, 10 maintain a 'buy' rating, nine recommend a 'hold' and four suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 4.1%.
Voltas Share Price
Shares of Voltas rose as much as 9.99% to Rs 1,402.20 apiece. They pared gains to trade 6.18% higher at Rs 1,326 apiece, as of 9:45 a.m. This compares to a 1.51% advance in the NSE Nifty 50.
The stock has fallen 11.88% in the last 12 months and 24.41% year-to-date. Total traded volume so far in the day stood at 0.94 times its 30-day average. The relative strength index was at 53.93.
Out of 41 analysts tracking the company, 20 maintain a 'buy' rating, 14 recommend a 'hold' and seven suggest 'sell', according to Bloomberg data.
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