VOLTAS

** Shares of air conditioner maker Voltas VOLT.NS up 0.5%, after rising as much as 3.5% earlier

** Co reports Q4 net profit of 2.41 bln rupees ($28.4 mln), up more than 100% y/y

** Rev up 13.4% to 47.68 bln rupees, helped by a 17% rise in unitary cooling products segment

** Stock on track to snap 2 weeks of losses; gained 3% so far this week

** More than 4.8 mln shares traded as of 12:44 p.m. IST, 2.4x their 30-day moving avg

** Mean rating of stock is 'buy'; their median PT is 1,520 rupees - data compiled by LSEG

** Stock trims YTD losses to 30.5%

($1 = 84.8900 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Repeats April 21 story with no changes to text

By Aditya Kalra

NEW DELHI, April 21 (Reuters) - South Korea's LG 066570.KS and Samsung 005930.KS have sued India's government to quash a policy which increases payouts to electronic-waste recyclers, court filings show, joining other major companies in contesting the country's environmental rules citing business impact.

The lawsuits, set to be heard on Tuesday with other challenges, mark an escalation of a standoff involving foreign companies' and Prime Minister Narendra Modi's government over its stance towards waste management practices.

LG and Samsung did not respond to Reuters' requests for comment. India's Environment Ministry also did not respond.

India is the third-biggest e-waste generator behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers.

Daikin 6367.T, India's Havells HVEL.NS and Tata's Voltas VOLT.NS have already sued Modi's administration.

Samsung and LG had lobbied against a decision to fix a floor price payable to recyclers, which New Delhi says is needed to get more formal players into the sector and boost investment in e-waste recycling.

LG's filing in the Delhi High Court, which is not public but was reviewed by Reuters on Monday, said the pricing rules "fail to take into consideration that merely by fleecing companies and taxing them in the name of the 'polluter pays principle', the (government) objectives sought to be achieved cannot be achieved."

"(If) the authorities have not been able to regulate the informal sector, then it is an enforcement failure," the 550-page court filing from April 16 showed.

Samsung in its 345-page filing, seen by Reuters, said: "The regulation of prices does not inherently serve the purposes of environmental protection," and said this was "expected to cause substantial financial impact."

India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics. Electronics companies say that will roughly triple their costs and benefit recyclers at their expense.

LG's court filing showed it wrote to the Indian government in August saying the proposed rates were "very high and should be reduced" and the government should let market forces determine the prices.

Samsung wrote to Modi's office last year, the company's court filing showed, saying the new pricing was "5-15 times the price currently paid."

Research firm Redseer said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.

Indian air conditioner maker, Blue Star BLUS.NS, has also filed a lawsuit challenging the rules, citing compliance burdens, its court filings, seen by Reuters, showed.

Johnson Controls-Hitachi has moved to withdraw its lawsuit in recent days without giving reasons, based on court filings seen by Reuters.

Blue Star and Johnson Controls-Hitachi did not respond to requests for comment.

(Reporting by Aditya Kalra. Editing by Jane Merriman)

((Email: [email protected]; X: @adityakalra;))

By Aditya Kalra

NEW DELHI, April 21 (Reuters) - South Korea's LG 066570.KS and Samsung 005930.KS have sued India's government to quash a policy which increases payouts to electronic-waste recyclers, court filings show, joining other major companies in contesting the country's environmental rules citing business impact.

The lawsuits, set to be heard on Tuesday with other challenges, mark an escalation of a standoff involving foreign companies' and Prime Minister Narendra Modi's government over its stance towards waste management practices.

LG and Samsung did not respond to Reuters' requests for comment. India's Environment Ministry also did not respond.

India is the third-biggest e-waste generator behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers.

Daikin 6367.T, India's Havells HVEL.NS and Tata's Voltas VOLT.NS have already sued Modi's administration.

Samsung and LG had lobbied against a decision to fix a floor price payable to recyclers, which New Delhi says is needed to get more formal players into the sector and boost investment in e-waste recycling.

LG's filing in the Delhi High Court, which is not public but was reviewed by Reuters on Monday, said the pricing rules "fail to take into consideration that merely by fleecing companies and taxing them in the name of the 'polluter pays principle', the (government) objectives sought to be achieved cannot be achieved."

"(If) the authorities have not been able to regulate the informal sector, then it is an enforcement failure," the 550-page court filing from April 16 showed.

Samsung in its 345-page filing, seen by Reuters, said: "The regulation of prices does not inherently serve the purposes of environmental protection," and said this was "expected to cause substantial financial impact."

India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics. Electronics companies say that will roughly triple their costs and benefit recyclers at their expense.

LG's court filing showed it wrote to the Indian government in August saying the proposed rates were "very high and should be reduced" and the government should let market forces determine the prices.

Samsung wrote to Modi's office last year, the company's court filing showed, saying the new pricing was "5-15 times the price currently paid."

Research firm Redseer said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.

Indian air conditioner maker, Blue Star BLUS.NS, has also filed a lawsuit challenging the rules, citing compliance burdens, its court filings, seen by Reuters, showed.

Johnson Controls-Hitachi has moved to withdraw its lawsuit in recent days without giving reasons, based on court filings seen by Reuters.

Blue Star and Johnson Controls-Hitachi did not respond to requests for comment.

(Reporting by Aditya Kalra. Editing by Jane Merriman)

((Email: [email protected]; X: @adityakalra;))

April 17 (Reuters) - Voltas Ltd VOLT.NS:

• RECEIVES SHOW CAUSE NOTICE FROM OFFICE OF COMMISSIONER OF CUSTOMS

• NOTICE ALLEGES SHORT PAYMENT OF 248.1 MILLION RUPEES CUSTOM DUTIES

Source text: ID:nNSE2zPMDt

Further company coverage: VOLT.NS

(([email protected];;))

By Aditya Kalra, Arpan Chaturvedi

NEW DELHI, April 11 (Reuters) - India wants to tackle its mounting e-waste problem. Global electronics companies say the cost is too high.

Daikin, Hitachi and Samsung are among manufacturers alarmed by new Indian government rules that require them to pay significantly more to recycle air conditioners, refrigerators, TVs and other appliances, court papers and lobbying letters show.

The electronics giants are urging environment officials to abandon the approach, with four companies suing Prime Minister Narendra Modi's administration in New Delhi over the measures they say will heighten compliance woes and unsettle businesses.

The previously unreported standoff marks the latest chapter in foreign companies' battles with India over what some perceive as protectionist policies and shifting regulatory goal posts.

India is the third-biggest e-waste generator behind China and the U.S. But government data shows only 43% of the country's e-waste last year was recycled and at least 80% of the sector comprises informal scrap dealers, whose methods can pose environmental and health risks.

Concerned about poor waste-processing practices, New Delhi in September set a floor price that electronics makers must pay recyclers, with the aim of formalising the sector and encouraging investment in e-waste management.

A Reuters review of hundreds of pages of non-public court papers and letters to the government by an industry group representing Samsung and LG reveals the impasse over the new rates, which the industry says have roughly tripled manufacturers' recycling costs.

Johnson Controls-Hitachi, Japan's Daikin 6367.T, India's Havells HVEL.NS and Tata Group's Voltas VOLT.NS each sued Modi's government between November and March to quash the pricing rules.

The measures are unconstitutional, exceed the government's powers under environmental law, and raise compliance costs manifold, the companies said in submissions to New Delhi judges. The government has called for the cases to be dismissed.

Daikin said no Indian government had ever previously drafted policies with the "sole intention" of providing financial gain to some businesses, in this case recyclers, at others' expense. Voltas predicted a "cascading effect" on product prices.

The companies are part of an Indian consumer electronics market Euromonitor estimates will be worth $62 billion this year. The sector has experienced average annual growth of 10% since 2021.

As sales of consumer electronics skyrocket due to rapid urbanisation, companies such as Daikin, Hitachi and Samsung have expanded production in India. In line with global trends, India's e-waste reached 1.7 million metric tons in 2023-24, more than doubling in six years.

Samsung declined to comment. The other companies and India's Environment Ministry didn't respond to Reuters queries about the pricing rules and the industry's response.

'REASONABLE' INTERVENTION

For years, India has resisted foreign companies' demands to revoke protectionist policies. Lobbying by Walmart and Amazon, for example, failed to ease regulations that protect small retailers.

On e-waste, too, Modi's administration is digging in.

In a March 18 submission, the Environment Ministry urged the judges to dismiss the lawsuits, saying it was "reasonable" and within its powers to fix prices.

The alternative of letting companies and recyclers determine prices may not account for all costs of environmentally sound waste management, the ministry said, adding that it wanted to prevent a "race to the bottom" in pricing.

India's government says there are 322 authorised recyclers in the country.

But informal waste handlers flourish nationwide, using methods such as open burning and acid leaching to extract metals and components, which can release hazardous materials.

In western Gujarat state, 60-year-old scrap dealer Mustakeem Malik uses a hammer to dismantle televisions, air conditioners and routers.

Inside his tin-roofed shed where electronic equipment was stacked in haphazard piles, Malik told Reuters he earns 50,000 rupees, or about $580, a month by selling the plastic, circuit boards and copper he extracts from the devices. He doesn't want to work in the formal e-waste sector.

"That business has a lot of expenses. It's for the big guys," he said.

HAPPY RECYCLERS, WORRIED COMPANIES

India's new rules mandate a minimum payment of 22 rupees (25 U.S. cents) per kilogram to recycle consumer electronics and 34 rupees/kg for smartphones.

Makers of heavier devices such as air conditioners are likely to be hit hardest because their per-unit recycling cost has risen by a greater amount compared with makers of lighter gadgets like smartphones.

Research firm Redseer in February said India's recycling rates were still low compared with the U.S., where they are up to five times higher, and China, where they at least 1.5 times higher.

"We are talking about peanuts here," said Nitin Gupta, CEO of one of India's biggest recyclers, Attero, who added that the government rates require manufacturers to pay about $10 to recycle a washing machine.

"If you have to create scientific capacity for recycling, you need extra profits. This is good for us," said Gupta, whose firm counts LG and Daikin as clients.

The electronics makers, though, feel threatened.

India's Consumer Electronics and Appliances Manufacturers Association, which represents LG and Samsung, among others, said in a letter to the government in November that e-waste compliance expenses had risen to 2% to 8% of production costs. The group asked environment officials to reconsider the pricing rules.

Samsung and LG haven't sued the government but have signaled concern. LG India's December IPO prospectus warned without specifics that higher recycling rates "had a significant financial impact on our company".

A person with direct knowledge of the matter said Samsung had told senior Indian officials its recycling costs would be five to 15 times the previous rates, and urged New Delhi not to interfere in commercial dealings with recyclers.

In court, Johnson Controls-Hitachi was the only company to reveal what it previously paid for recycling: 6 rupees per kg, or 7 U.S. cents. That figure has now almost quadrupled.

The company disclosed that it recycled more than 10,000 tons of air conditioners last fiscal year, which would amount to roughly $2.6 million under the new rates. Its India business reported a net loss of $8.8 million the previous year.

(Reporting by Aditya Kalra and Arpan Chaturvedi; Additional reporting by Amit Dave in Gujarat and Jatindra Dash in Odisha; editing by David Crawshaw)

((Email: [email protected]; X: @adityakalra;))

** Emkay Global initiates coverage on India's air-conditioner makers Voltas VOLT.NS and Blue Star BLUS.NS with "buy" rating

** Shares of Voltas up 1.8% at 1,318.2 rupees, and Blue Star up 1.1% at 1,984.1 rupees amid a broader market rebound

** Brokerage's PT on VOLT at 1,600 rupees and on BLUS at 2,400 rupees, an upside of ~21% for both

** Analysts at Emkay Global believes India's room AC penetration is at ~14% against global average of 40%-45%, which represents a "long growth runway"

** Brokerage believes players are well poised to handle an expected ~20%-25% y/y rise in demand during 2025 summer

** Industry is exhibiting a more cohesive approach toward price hikes, mitigating any cost pressure, which augurs well for overall profitability - Emkay Global

** On YTD basis, VOLT is down ~26% while BLUS is down ~8%

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

** Jefferies says it is positive on electronic manufacturing (EMS), other sectors linked to capex and summer demand in small- and mid-caps

** Top picks are Polycab POLC.NS, Amber Enterprises AMBE.NS, Voltas VOLT.NS and Crompton Greaves Consumer Electricals CROP.NS

** POLC wired for consistent growth despite Ultratech Cement's planned foray into cables and wires segment, says Jefferies

** AMBE likely to benefit from rising domestic market shares in air-conditioners (AC)

** CROP to potentially gain from double-digit growth in premium fans; Voltas to benefit from a demand uptick on forecast of hotter-than-normal summer - Jefferies

** POLC shares up 1.1% on the day; AMBE, VOLT, CROP gain about 3% each - data compiled by LSEG

** Recent market decline is opportunity for investors to evaluate quality in small-cap and mid-cap segments, says Jefferies

** India's benchmark Nifty 50 is down 14.3% from record high levels while small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 are trading 23.8% and 20.5% below their all-time high levels

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

March 13 (Reuters) - Voltas Ltd VOLT.NS:

• VOLTAS LTD - APPROVES TRANSFER OF DUBAI AND ABU DHABI BRANCHES TO UMCL

• VOLTAS - TOTAL CONSIDERATION FOR TRANSFER 450 MILLION RUPEES TO 700 MILLION RUPEES

Source text: ID:nBSE9tztTl

Further company coverage: VOLT.NS

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** Shares of India's Voltas VOLT.NS close 3% lower at 1,352 rupees

** A Qatar court has rejected Voltas' claims against a JV between Spain's OHL International and Contrack (Cyprus) where VOLT had alleged non-payment, payment delays

** Voltas flags financial hit of about 4.02 bln rupees ($46 mln)

** Prabhudas Lilladher says the expected liability is significant, especially for the international business which has faced headwinds for several years

** So far in 2025, VOLT has lost ~25%

($1 = 87.5800 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** India's Voltas VOLT.NS falls 13% to 1,281.15 rupees, lowest level in nearly eight months

** Stock on path to log biggest single-day fall since March 2020

** Co posts higher Q3 profit but analysts flag margin deterioration and market share loss in core segment

** VOLT down after margin contraction in core unitary cooling products segment and market share loss in sub-segment room air conditioners in Q3

** Unitary cooling products segment margin for Q3 at 5.9%, lowest in 10 years, vs expectation of 7.8%, Motilal Oswal says

** Motilal Oswal, which has "buy" rating on stock, says it will review its assumptions after VOLT's post-earnings call on Thursday

** Analysts' avg rating on stock is "hold"; median PT 1,775 rupees - data compiled by LSEG

(Reporting by Vivek Kumar M)

(([email protected]))

Jan 29 (Reuters) - Voltas Ltd VOLT.NS:

• Q3 CONSOL NET PROFIT 1.32 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 31.05 BILLION RUPEES

Source text: [ID:]

Further company coverage: VOLT.NS

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Removes extraneous word from headline, no changes to text

Dec 27 (Reuters) - OHLA OHLA.MC:

• INFORMED ON THURSDAY IN RELATION TO ONE OF ITS LAWSUITS IN QATAR

• SAID QATARI COURT OF FIRST INSTANCE HAD DISMISSED MAIN CLAIM OF SUBCONTRACTORS KENTZ-VOLTAS AND COUNTERCLAIM BY JOINT VENTURE (OHLA AND CONTRACT CYPRUS LTD)

• ON DEC 24, COURT OF APPEAL HANDED DOWN JUDGMENT OVERTURNING LOWER COURT'S JUDGMENT, ORDERING IT TO RULE ON THE MERITS OF THE CASE

Source text for Workspace: nCNMLzsPp
Further company coverage: OHLA.MC

(Gdansk Newsroom)

(([email protected]; +48 58 769 66 00;))

Dec 6 (Reuters) - Voltas Ltd VOLT.NS:

• VOLTAS LTD - CESTAT DECIDES IN FAVOUR OF VOLTAS, DROPS DEMAND OF 41.3 MILLION RUPEES

Source text: ID:nBSE1MN7FS

Further company coverage: VOLT.NS

(([email protected];))

By Bharath Rajeswaran

Nov 7 (Reuters) - MSCI added five Indian companies to its Global Standard Index late on Wednesday, a move that brokerage Nuvama said would lift the country's weightage on the index to 20%, further narrowing the gap with China.

MSCI said there would be 156 Indian stocks in the index, but that is only one-fourth of China's 598, signalling scope for further inclusion of Indian stocks on the index.

The changes will take place after the markets close on Nov. 25, MSCI said.

The inclusion of the stocks will lift India's weightage in the index to a record 19.8% from 19.3% earlier, narrowing the gap with China, which has slipped to 26.8% from 27%, Nuvama Alternative and Quantitative Research estimated.

It will also likely attract $2.5 billion in passive inflows into India's equity markets, Nuvama said.

China has the highest weightage in the MSCI Global Standard index, while India has been in second place since the end of 2021.

Air conditioner maker Voltas VOLT.NS, realty developer Oberoi Realty OEBO.NS, stock exchange operator BSE BSEL.NS, Kalyan Jewellers KALN.NS, and drug maker Alkem Laboratories ALKE.NS are the latest additions to the index.

Indian markets saw inflows of about $3 billion into equities after the previous MSCI rebalancing in August when seven stocks were added.

"We remain extremely bullish on India, especially with active participation from mutual funds and high net worth individuals (HNIs)/retail investors, and anticipate many more inclusions in the emerging markets index," said Abhilash Pagaria, head of Nuvama research.

Seven existing stocks, including top private lender HDFC Bank HDBK.NS and Tata Power TTPW.NS, saw an increase in their weightage.

HDFC Bank is now the highest-weighted Indian stock in the MSCI indices at 7.08%, surpassing Reliance Industries' RELI.NS 6.08%.

No Indian companies have been removed from the MSCI Global Standard Index so far in November.

Additionally, around 13 firms, including Eureka Forbes EURK.NS, Indegene INEG.NS, and PC Jeweller PCJE.NS, were added to the MSCI Small Cap Index, bringing the total number of small-cap stocks to 525.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Abinaya Vijayaraghavan)

(([email protected]; +91 9769003463;))

Oct 29 (Reuters) - Voltas Ltd VOLT.NS:

• Q2 CONSOL NET PROFIT 1.34 BILLION RUPEES; IBES PROFIT EST. 1.29 BILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 26.19 BILLION RUPEES; IBES EST. 27.08 BILLION RUPEES

Source text: ID:nBSE8SlrKn

Further company coverage: VOLT.NS

(([email protected];;))

Sept 2 (Reuters) - Voltas Ltd VOLT.NS:

• VOLTAS LTD- GETS TAX DEMAND FOR ABOUT 90 MILLION RUPEES

Source text for Eikon: ID:nBSE5zymNT

Further company coverage: VOLT.NS

(([email protected];))

** Shares of Voltas VOLT.NS jump 4.7% to record high of 1,607 rupees, set to snap a three-day losing run

** Stock's previous record high was 4 sessions back on Aug 12 after strong Q1 results

** Over the weekend, analysts updated their views, with at least 17 raising their price targets, per LSEG data

** Prabhudas Lilladher upgrades to "hold" and Anand Rathi Research to "buy"

** Anand Rathi says Voltas "firing on all cylinders", noting strong air conditioner sales and continued market share gains in refrigerators and washing machines

** Analysts avg rating still at "hold" but median PT jumps to 1,559 rupees from 1,400 rupees on results day -LSEG data

** Stock jumped 11% on Aug 12 after Q1 report but dropped ~3% in next three sessions

** VOLT has jumped ~64% YTD, more than Crompton Greaves CROP.NS (~44%) and Havells India HVEL.NS (~38%) but less than Blue Star's BLUS.NS 83% surge

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Aug 13 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC - CUTS ITS SHAREHOLDING IN VOLTAS FROM 6.856% TO 4.754%

Source text for Eikon: ID:nBSE7PXJb3

Further company coverage: LIFI.NS

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Aug 12 (Reuters) - Voltas Ltd VOLT.NS:

• VOLTAS LTD JUNE-QUARTER CONSOL NET PROFIT 3.34 BILLION RUPEES

• VOLTAS LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 49.21 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: VOLT.NS

(([email protected];))

BENGALURU, July 18 (Reuters) - Home appliances maker Havells India HVEL.NS reported a smaller-than-expected first-quarter profit on Thursday, as higher expenses offset improved demand for its air conditioners and fans.

Profit rose 43.1% from a year earlier to 4.11 billion rupees ($49.15 million) for the three months ended June 30, missing analysts' expectations of 4.31 billion rupees, as per LSEG data.

The water heater maker's revenue from operations rose 20.2% to 57.98 billion rupees, while total expenses rose 18.1% to 53.22 billion rupees.

For further earnings highlights, click nFWN3JA0SB

KEY CONTEXT

India's summer lasts from March to May, yet many Indian cities saw warmer nights during June. Hot weather increases consumer spending on electrical appliances.

Analysts said that the country's consumer durables sector experienced healthy demand during the quarter due to severe summer and despite price increases.

Prices of raw material such as copper and aluminium rose, they added.

Havells India, biggest among its peers by market capitalisation, is the first to report first-quarter results.

PEER COMPARISON

* The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.6170 Indian rupees

(Reporting by Meenakshi Maidas in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]; +91 8921483410;))

July 16 (Reuters) - Voltas Ltd VOLT.NS:

• GOT GST ORDER WITH TAX DEMAND OF 5.9 MILLION RUPEES, PENALTY OF 6 MILLION RUPEEES

Further company coverage: VOLT.NS

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July 8 (Reuters) - Voltas Ltd VOLT.NS:

• GETS TAX ORDER OF 4.6 MILLION RUPEES, INTEREST 1.9 MILLION RUPEES

Further company coverage: VOLT.NS

(([email protected];))

By Praveen Paramasivam

BENGALURU, June 28 (Reuters) - Demand for beer in India is at a multi-year high and air conditioner sales are skyrocketing as the intense, unprecedented heat scorching parts of the country becomes a boon for some consumer businesses.

Temperatures in the Indian capital Delhi and the western state of Rajasthan soared to almost 50 degrees Celsius in recent weeks, with scientists saying the hot summer has become even more intense due to human-driven climate change. While rains lashed Delhi on Friday, many northern areas such as Punjab recorded temperatures above 40 C on Thursday.

Beer sales volume are expected to jump 10% this summer and demand is at its highest since the onset of the COVID-19 pandemic, said Vinod Giri of Brewers' Association of India which represents leading beer makers Carlsberg, Anheuser-Busch InBev ABI.BR and United Breweries UBBW.NS.

Beer in this scorching heat, Giri said, makes Indians "feel better without getting too high on alcohol."

The heat has also driven power demand to a record peak as more people seek ways to cool down.

B. Thiagarajan, managing director at ACs-to-air purifier maker Blue Star BLUS.NS, said he has not witnessed such strong sales for air conditioners in the more than 30 years he has worked in the industry.

It's been a "mad rush ... anything called air conditioner would have got sold," he said.

The number of affluent people in India is rising rapidly, and Thiagarajan said overall air conditioner sales will grow 50% in the April-June summer months, outstripping the industry's expected demand increase of 25% to 30%.

Other businesses are also enjoying a strong summer.

Quick delivery service Swiggy Instamart said it is seeing a sharp rise in orders for ice cream and cold beverages.

Walmart-owned WMT.N Indian e-commerce website Flipkart said demand for top-end sunscreen products jumped 40% between February-May 2024 versus the previous year, with products such as sunscreen sticks proving particularly popular.

"Heatwaves made me use sunscreens very frequently, like, 3 to 4 times a day," said S. Dinesh, 27, whose job demands him to stay out in the sun during the day.

But even as the heat pushes up demand for some online products, it is causing logistical challenges as more delivery workers fall ill due to the high temperatures, said Ajay Rao, CEO of Emiza, a logistics company which counts Flipkart and Mamaearth HONA.NS among its customers.

"People are not able to actually cope with the outside temperatures," he said.

(Reporting by Praveen Paramasivam; Editing by Aditya Kalra and Miral Fahmy)

(([email protected]; +91 867-525-3569;))

June 20 (Reuters) - Voltas Ltd VOLT.NS:

• EXECUTED SHARE PURCHASE AGREEMENT/S WITH UNIVERSAL MEP PROJECTS PTE

• EXECUTED SHARE PURCHASE AGREEMENT/S WITH UNIVERSAL MEP PROJECTS IN REPUBLIC OF SINGAPORE

Further company coverage: VOLT.NS

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BENGALURU, May 20 (Reuters) - Appliances maker Whirlpool of India WHIR.NS reported a smaller-than-expected fourth-quarter profit on Monday, hurt by stiff competition and higher input costs, while demand remained steady for its cooling appliances.

Consolidated net profit rose nearly 24% to 775.9 million rupees ($9.3 million) in the three months ended March 31, missing analysts' estimates of 899.6 million rupees, according to LSEG data.

Revenue from operations in the Indian unit of NYSE-listed Whirlpool Corp WHR.N rose nearly 4% to 17.34 billion rupees.

Expenses surged 2.2%, led by a nearly 31% rise in input costs.

For further results highlights, click [here]

KEY CONTEXT

Record high temperatures in India have led to a surge in demand for cooling products like air conditioners and refrigerators, resulting in higher sales for home appliance makers such as Whirlpool India.

However, analysts said Whirlpool's Indian arm is dealing with fierce competition from new players, premium brands diversifying into mass markets and multi-brand retailers promoting private labels.

In February, parent company Whirlpool Corporation sold 24% of its stake in the India unit for about $468 million, aiming to reduce its debt.

Rival air conditioner makers Havells India HVEL.NS and Blue Star BLUS.NS reported a rise in quarterly profit, while Voltas VOLT.NS missed quarterly profit estimates due to surging expenses.

PEER COMPARISON

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY-MARCH STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.2810 Indian rupees

(Reporting by Navamya Ganesh Acharya in Bengaluru, Additional reporting by Manvi Pant; Editing by Ravi Prakash Kumar)

(([email protected]))

BENGALURU, May 14 (Reuters) - Consumer appliances maker Bajaj Electricals BJEL.NS reported a fourth straight quarter of profit decline on Tuesday, missing estimates due to sluggish demand for its lights, water heaters and kitchen appliances.

The Mumbai-based company said consolidated net profit fell to 293.1 million rupees ($3.5 million) for the three months ended March 31, from 518.5 million rupees a year earlier.

Analysts, on average, had expected a profit of 573.2 million rupees, as per LSEG data.

Revenue from its lighting products segment fell 11.3% to 2.71 billion rupees, while revenue from the segment that makes air coolers, fans, room heaters and kitchen appliances, reported a drop of 7% as consumers postponed discretionary purchases amidst persistent inflation.

Sales in its lighting products segment dropped due to lower prices of LED products in consumer lighting and a higher base effect in professional lighting, the company said in a statement.

Additionally, the company approved a proposal to borrow funds through the issuance of non-convertible debentures, up to an amount not exceeding 5 billion rupees, via private placement.

The board also recommended a dividend of 3 rupees per share for the fiscal year ended March.

Shares of Bajaj Electricals closed 3% higher on Tuesday and are down 4% so far this year.

($1 = 83.5064 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

** Shares of home appliances maker Voltas VOLT.NS down 6.5% at 1,299.0 rupees

** VOLT reports smaller-than-expected Q4 profit on higher expenses; revenue from operations rose 42%

** Stock on track to decline for third straight session, if losses hold

** Analysts, on avg, rate VOLT "hold", median PT of 1,112 rupees - LSEG

** Rivals Havells HVEL.NS also rated "hold", Blue Star BLUS.NS rated "buy", while Johnson Controls-Hitachi Air Conditioning India JCHA.NS has "sell" - LSEG

** VOLT up 33% YTD vs Nifty mid-cap index's .NIFMDCP100 7.8% rise

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

May 7 (Reuters) - Voltas Ltd VOLT.NS:

• VOLTAS Q4 CONSOL NET PROFIT 1.16 BILLION RUPEES; LSEG IBES PROFIT EST. 2.13 BILLION RUPEES

• VOLTAS Q4 CONSOL REVENUE FROM OPERATIONS 42.03 BILLION RUPEES; LSEG IBES EST. 38.13 BILLION RUPEES

• VOLTAS YEAR AGO Q4 CONSOL PROFIT 1.44 BILLION RUPEES, REVENUE 29.57 BILLION RUPEES

• VOLTAS LTD - DIVIDEND 5.5 RUPEES PER SHARE

Source text for Eikon: ID:nBSE78T33v

Further company coverage: VOLT.NS

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BENGALURU, May 2 (Reuters) - Indian air-conditioner (AC) maker Blue Star's BLUS.NS fourth-quarter adjusted profit jumped more than 46% on Thursday, buoyed by heavy demand for its ACs as consumers prepared for a hotter-than-usual summer.

WHY IT'S IMPORTANT

India is currently experiencing a blistering summer, which has driven up sales of products such as ACs and coolers.

In March, Blue Star said it launched dozens of new home AC products, targeting a 25% jump in revenue from that business this summer, compared with a 5% rise last year.

Peer Havells India HVEL.NS also posted a higher quarterly profit on strong demand for room ACs and fans. Voltas VOLT.NS is expected to release its results next week.

BY THE NUMBERS

Mumbai-based Blue Star's consolidated profit before exceptional items and tax jumped to 2.14 billion rupees ($25.6 million) in the quarter, from 1.46 billion rupees a year ago.

Its net profit, however, fell nearly 29% due to the year-ago quarter recording a one-time gain of 1.71 billion rupees from the sale of land.

Blue Star's revenue from operations rose nearly 27%. Revenue in its business that makes ACs and commercial refrigerators jumped 35%.

KEY QUOTE

"The summer season has also begun well and we anticipate significant demand for room air conditioners and commercial refrigeration products to continue," Chairman and Managing Director Vir S. Advani said.

GRAPHIC

** All values in the graphic are expressed in percentages (%)

($1 = 83.4485 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 8805175330 ;))

** Air conditioner maker Voltas VOLT.NS up 5% at 1,365 rupees, top gainer on Nifty mid-cap 100 index .NIFMDCP100

** UBS upgrades VOLT to "buy" from "neutral", raises PT by 103.4% to Street-high of 1,800 rupees on potential market share gains of 23% in FY26 vs 19% by Dec-end 2023

** Says VOLT has reworked its supply chain in room air conditioner (RAC) segment to reduce costs

** Adds new entrants will find it difficult to lower costs to match co, leading industry into early phases of consolidation and market share gains for VOLT

** VOLT, however, only air conditioner maker with avg analyst rating of "hold", median PT 1,101 rupees - LSEG

** Rivals Havells HVEL.NS and Blue Star BLUS.NS rated "buy", while Johnson Controls-Hitachi Air Conditioning India JCHA.NS has "sell" - LSEG

** VOLT up 38.4% YTD vs mid-cap index's 10.5% rise

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))