Shares of consumer durables companies like Voltas, Havells and Blue Star were upbeat on Monday even as the broader market remained dampened.
What Happened: The jump in the stocks comes as the India Meteorological Department (IMD) issued a forecast predicting above-normal temperatures and longer heat waves during the upcoming summer months from April to June.
According to the department’s seasonal outlook for the hot weather season, most parts of the country are expected to experience above-normal maximum temperatures during this period, except for certain areas in east and northeast India and pockets of northwest India.
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Dr. Mrityunjay Mohapatra, Director General of IMD, stated that Rajasthan, Madhya Pradesh, Gujarat, Uttar Pradesh, Chhattisgarh, Andhra Pradesh, Telangana, and Odisha are expected to experience heatwaves throughout April, May, and June. He further noted that, although heatwaves typically persist for 8-10 days, they are expected to last longer than usual this time.
This forecast saw Tata Group’s Voltas surge up over 5% intraday, while Havells India jumped up around 2.5%. Amber Enterprises and Blue Star also surged up around 3% each. Newly listed Epack Durables also saw its shares surging over 8%.
Price Action: Epack Durables’share price was up 8.66% to trade at ₹172.50. Voltas’ share price was up 3.38% to trade at ₹1,190.50. Havells’ share price was up 1.89% to trade at ₹1,543.10. Blue Star shares were up 2.44% to trade at ₹1,308. Amber Ent’s share price was up 2.08% to trade at ₹3,766.05.
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