Investors lap up shares of air conditioner-makers as mercury soars to near record highs
Shares of Indian consumer durable companies, especially air conditioner makers like IFB Industries, Blue Star, Whirlpool and Voltas gained over 7% on BSE Sensex intraday on Wednesday.
IFB Industries shares were up 7.1%, Blue Star was up 5.1%; while Whirlpool and Voltas were up 4%, and 4.4% respectively.
The consumer durables sector was up 1% at 1229 hours while the air conditioner companies on BSE were up 4.49% collectively.
The consumer goods sector and airconditioner maker shares were rallying due to the early onset of summer and the heat wave across the nation.
S&P BSE Consumer Discretionary Goods Index was up 0.4%.
“Air conditioner makers’ profits are dependent on good summers as significant share of their full-year profits come in first quarter,” Bloomberg quoted Suniil Pachisia, Vice President at Pratibhuti Viniyog.