Voltas expects muted demand in Q2FY23

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⭐ Voltas expects muted demand in Q2FY23

Shares of AC maker Voltas hit a 52-week low on Friday amid concerns that Q2FY23 might witness subdued sales owing to low seasonal demand. In Q1FY23, the company had reported a 10.4 % year-on-year (YoY) fall in its consolidated net profit at ₹110 crore, owing to higher raw material cost. However, its revenue from operations jumped 55% YoY to ₹768 crore aided by 125% growth in the unitary cooling products segment.

⭐ Amara Raja to focus on EV sector

Automotive battery manufacturer Amara Raja is planning to turn its focus more on the electric vehicle (EV) sector, renewable energy markets and energy storage systems. The company also expects the infrastructure and power business, which is likely to be merged by the end of this fiscal, to more than double its turnover from ₹1,200 crore to ₹3,000 crores by 2025.

⭐ Patanjali to launch at least 4 IPOs by 2027

The Patanjali Group is planning to launch at least four IPOs in the next five years, and increase its market cap from ₹50,000 crore to ₹5 lakh crore in the next five years. Besides this, The group's current turnover is ₹40,000 crore, which is likely to increase to ₹1 lakh crore by 2027. 

Global markets (at 7:30 AM today)

Fact of the day

Zomato-backed Blinkit has partnered with Apple reseller Unicorn to deliver iPhones and other related products within minutes.

Source: Economic Times