Voltas

** Shares of Voltas VOLT.NS rise as much as 5.1%; last up 2.3% at 1,373.5 rupees

** BNP Paribas re-iterates "Outperform" with TP of 1,470 rupees

** Brokerage says co likely sold more than 1 mln units in Q1, which could result in 33%-35% volume growth, helped by weak year-ago base and a sharp uptick in market share

** Notes co's potential for revenue uptick since concerns on co's margins due to elevated commodity costs, FX depreciation and staggered price hikes have been baked in May's stock price correction

** Expects 32%-35% revenue growth in co's unitary cooling products division

** Says secondary demand remains strong, while channel inventory levels are below normal

** Adds, a stronger summer could aid in sharper margin recovery via operating leverage and lower discounts

** Stock rated "Hold" on average by 37 analysts; median TP at 1,362.5 rupees

** YTD, stock up ~3%

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

BENGALURU, May 14 (Reuters) - Tata Group's Voltas VOLT.NS reported a sharp fall in fourth-quarter profit on Thursday as higher input costs and a weaker rupee squeezed margins, even as revenue inched higher and demand for cooling products improved.

Here are the details:

• Consolidated net profit fell 52% to 1.16 billion Indian rupees ($12.1 million) in the January–March quarter, from 2.41 billion rupees a year earlier.

• Revenue from operations stood at 48.88 billion rupees for the quarter, up from 47.67 billion rupees a year earlier.

• Voltas said its unitary cooling products segment, which includes room air conditioners, supported quarterly performance as the company pushed premium products and expanded distribution.

• But profitability was hit by elevated input costs. Geopolitical disruptions created volatility in raw material availability, logistics, energy costs, and currency markets, Voltas said.

• The company said its unitary cooling products segment is entering the summer season with an updated product portfolio, higher prices to cushion the cost impact and marketing tailored to different regions and customers.

  
  

($1 = 95.7625 Indian rupees)

(Reporting by Pranav Kashyap in Bengaluru; Editing by Ronojoy Mazumdar)

(([email protected]; +919886482111;))

March 30 (Reuters) - Voltas Ltd VOLT.NS:

• RECEIVES CUSTOMS ORDER FOR 107.6 MILLION RUPEES DUTY AND 127.6 MILLION RUPEES PENALTY

Source text: ID:nNSE1c7mLr

Further company coverage: VOLT.NS

(([email protected];))

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

• ASSISTANT COMMISSIONER OF STATE TAX INITIATES INSPECTION AT VOLTAS OFFICE

• NO MATERIAL IMPACT ON VOLTAS FINANCIALS OR OPERATIONS DUE TO INSPECTION

Source text: ID:nNSE7Q4jFs

Further company coverage: VOLT.NS

(([email protected];;))

Adds analyst comments in paragraph 5, company comments in paragraph 9

Feb 11 (Reuters) - LG Electronics India LGEL.NS reported a near 62% drop in third-quarter profit on Wednesday, hit by weaker demand in its home appliances and air solutions business as cooler weather hurt sales of cooling products in Asia's third-largest economy.

The Indian unit of South Korea's LG Electronics 066570.KS posted a standalone profit of 896.7 million rupees ($9.89 million) for the quarter ended December 31, down from 2.33 billion rupees a year earlier.

Demand for room air conditioners remained subdued for most of the quarter as cooler-than-usual weather dampened sales, while elevated inventory levels at dealers curtailed fresh orders, analysts said.

LG said demand in its home appliances segment softened after the festival of Diwali, when Indians typically splurge on big-ticket items, but it chose not to cut prices to protect long‑term profitability.

Analysts at ICICI Securities expected a weaker third quarter for LG India. However they said, the company is prioritising margin protection over volume growth in a soft demand environment, positioning it well for when demand normalises.

Revenue from the company's home appliances and air solutions division fell 10% to 27.88 billion rupees, pushing overall revenue down 6% to 41.14 billion rupees.

AC makers Voltas VOLT.NS and Blue Star BLUS.NS posted a drop in third-quarter profit, hurt by weakness in their cooling products segment and charges related to India's new labour laws.

LG reported a 124.50 million rupee impact on its results from the labour code changes.

The company said that the reduction of U.S. tariffs and EU trade deal with India is expected to drive export-related opportunities, adding that it aims to double exports in the next financial year.

LG's revenue from the home entertainment segment rose nearly 2%, helped by the country's recent slashing of consumption tax.

Shares of the company closed 1.5% lower on the day and are down 11% since listing in October.

($1 = 90.6910 Indian rupees)

(Reporting by Nishit Navin and Urvi Dugar in Bengaluru; Editing by Tasim Zahid)

(([email protected];))

By Praveen Paramasivam

Feb 5 (Reuters) - India's Voltas VOLT.NS expects a double-digit revenue growth in its room air conditioner business this summer, betting on first-time buyers to lead a rebound in demand after a subdued season last year, according to a senior company executive.

Industry estimates show only a tenth of Indian households own an AC, compared to two-thirds in China and one-third in Thailand, even as the world's most populous country frequently grapples with heat waves.

"Research shows 85% of buyers are first-time buyers," Jayant Balan, who heads Voltas' room AC business, told Reuters in an interview on Wednesday, adding the category's revenue will grow in the double-digit percentage range in the April–June quarter.

Revenue from Voltas' business group that sells room ACs and accounts for two-thirds of overall revenue slumped 25% in April-June 2025 due to early monsoon showers and milder summer temperatures. The firm booked 154.13 billion rupees ($1.7 billion) in total revenue in 2024-25.

Voltas, India's AC market leader with nearly an 18% share, competes with local rival Blue Star BLUS.NS, Japan's Daikin Industries 6367.T and South Korea's LG Electronics LGEL.NS.

ACs are likely to get more expensive this year despite September's consumption tax cuts, as Voltas has raised prices after new energy-efficiency norms took effect, and as soaring copper and silver prices lift input costs.

Further commodity inflation could trigger additional price increases, Balan said.

U.S. President Donald Trump announced a trade deal with India on Monday to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers, including on U.S. industrial goods.

It came days after India's trade deal with the European Union, opening the door to freer trade with its 27 members.

Balan dismissed concerns over new entrants, saying Voltas already contends with more cost-competitive rivals.

Voltas is also looking to quickly expand its small export footprint, with its research and development teams developing products for overseas markets, as Europe increasingly adopts ACs.

($1 = 90.3700 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Rashmi Aich)

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

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

• VOLTAS Q3 CONSOL NET PROFIT 849.5 MILLION RUPEES; IBES EST. 1.29 BILLION RUPEES

• VOLTAS Q3 CONSOL REVENUE FROM OPERATIONS 30.71 BILLION RUPEES; IBES EST. 32.79 BILLION RUPEES

Further company coverage: VOLT.NS

(([email protected];))

Dec 31 (Reuters) - Voltas Ltd VOLT.NS:

• TAX DEMAND REDUCED FROM 2.65 BILLION RUPEES TO 107.7 MILLION RUPEES

Source text: ID:nNSE69HXD2

Further company coverage: VOLT.NS

(([email protected];;))

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

• TAX DEMAND REDUCED FROM 317.7 MILLION RUPEES TO 14,000 RUPEES

Source text: ID:nBSE5FgS5Y

Further company coverage: VOLT.NS

(([email protected];))

Rewrites throughout, adds analyst comments in paragraph 3

By Vivek Kumar M and Kashish Tandon

Oct 14 (Reuters) - LG Electronics India LGEL.NS soared 53.4% in its trading debut on Tuesday, overtaking its South Korean parent's market value, as investors bet big on its manufacturing and retail ambitions in the country, fuelled by a surge in consumer demand.

Policy support, including India's recent tax cuts on consumer goods such as refrigerators and televisions, and a dovish central bank stance are expected to lift near-term growth for appliance makers.

The listing - the strongest for a billion-dollar IPO in India since 2021 - coincides not only with India's festive season, when spending peaks, but also comes amid a busy primary market, where favourable policies are driving a fundraising boom set to surpass last year's record $20.5 billion.

Consumption is "where LG has gotten a better response compared to other IPOs that are currently in the market", said Deven Choksey, managing director at DRChoksey FinServ.

The blockbuster $1.3 billion offering opened for bids around the same time as the year's largest IPO Tata Capital TATC.NS and office working space major WeWork India's WEWO.NS listing.

However, while LG's IPO was fully subscribed within hours of opening, attracting bids worth nearly $50 billion, both Tata Capital and WeWork logged muted demand across investor segments.

On listing day, the former rose only 1.4%, while the latter fell 3%.

"After a long time, we're seeing a genuinely strong IPO in the consumer space — solid fundamentals, reasonable valuations and sector-leading growth prospects," said Dhiraj Relli, managing director and CEO of HDFC Securities.

The country's second-biggest appliance maker has begun construction of its $600 million-manufacturing facility - its third in India - with plans to convert India into a global export hub, hugely underpinning the investor enthusiasm.

LG Electronics India's shares closed 48.2% higher at 1,689.9 rupees, after listing at 1,710.10 rupees - well above the issue price of 1,140 rupees.

The company notched a valuation of around $13 billion, surpassing its $8.73 billion target and the roughly $9 billion market value of its parent LG Electronics 066570.KS.

The IPO was a pure offer-for-sale, with the parent offloading 15% of its stake as it defends its margins in its core TV and appliance businesses from fierce Chinese competition.

Qualified institutional buyers had bid 166.5-fold their quota, while non-institutional and retail investors had subscribed 22.4 times and 3.54 times, respectively.

Institutional investors are unlikely to be satisfied with the current 5 billion–6 billion rupee allocation, Relli said, adding that they will be forced to participate aggressively beyond the listing to achieve reasonable sizing.

At least five brokerages initiated coverage on the firm, with price targets between 1,700 to 1,800 rupees.

($1 = 88.7680 Indian rupees)

(Reporting by Kashish Tandon, Vivek Kumar, Chandini Monnappa and Mridula Kumar; Editing by Janane Venkatraman)

(([email protected], [email protected]))

** Shares of air-conditioner maker Voltas VOLT.NS fall 2.1% to 1,390 rupees

** Brokerages flag near-term pressure on demand and margins, despite an optimistic outlook for the second half of fiscal 2026 driven by tax cuts and festive demand

** In a meeting with analysts, the company says demand remains weak due to elevated channel inventory and an extended monsoon

** Consumer purchases are also delayed between August 15, when Prime Minister Narendra Modi signaled tax cuts, and September 22, when they take effect

** Nomura notes Voltas struggles to provide growth guidance for fiscal 2025 and warns margins could shrink amid aggressive pricing

** Ambit Capital highlights concerns about regaining market share

** Nuvama and Antique Stock Broking expect softness in sales across key segments

** LSEG data shows the average analyst rating is "hold", with a median target of 1,408.50 rupees

** Voltas shares are down 21% in 2025 so far, trailing the Nifty Midcap 100's .NIFMDCP100 3.2% gain

(Reporting by Bharath Rajeswaran in Bengaluru)

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

** Voltas shares VOLT.NS slump 7.9% to 1,201 rupees, lowest since May 9

** Biggest loser on Nifty Midcap 50 index .NIMDCP50, which is down 0.05%

** AC maker's Q1 profit missed estimates on Friday

** Investec (rating: "hold") cuts PT to 1,140 rupees from 1,250 rupees; warns next few quarters may also disappoint

** Goldman Sachs (rating: "sell") cuts PT to 1,100 rupees from 1,180 rupees; adds, no positive triggers

** Jefferies (rating: "buy") trims PT to 1,670 rupees from 1,680 rupees; backs Voltas' brand strength, market leadership in under-penetrated segment

** Average rating among 35 analysts is "hold", median PT is 1,383 rupees - data compiled by LSEG

** YTD, stock down 32.9% vs NIMDCP50 down 1.2%

(Reporting by Rudra Pratap Singh in Bengaluru)

(([email protected]))

By Aditya Kalra and Arpan Chaturvedi

NEW DELHI, July 7 (Reuters) - The Indian unit of U.S. air conditioning giant Carrier CARR.N has become the latest major firm to sue Prime Minister Narendra Modi's government over electronic waste rules that have hiked the fees manufacturers must pay to recyclers.

South Korea's Samsung Electronics 005930.KS and LG Electronics 066570.KS as well as Japan's Daikin 6367.T and Tata's Voltas VOLT.NS have also brought suits, which are set to be heard by the High Court of Delhi on Tuesday. All of the companies are seeking to have the rules quashed.

India is the third-biggest generator of electronic waste behind China and the U.S., but the government says only 43% of the country's e-waste last year was recycled.

Modi's government in September fixed a floor price that electronics makers must pay recyclers, which manufacturers argue is roughly three to four times higher than what they paid earlier.

In a 380-page court filing dated June 3, which has not been disclosed publicly, Carrier said recyclers were willing to continue their work at the older prices and the government should not interfere in private dealings between companies and recyclers.

"The burden of the benefit being given to the recyclers has been put on the producers, which is unfair and arbitrary," said submissions by Carrier Airconditioning & Refrigeration which were reviewed by Reuters.

The submissions added that the rules will impose a "huge financial burden" on the company.

Carrier did not respond to a Reuters request for comment.

India's Ministry of Environment also did not respond to Reuters queries. It has previously argued in court that the pricing rules are needed to ensure proper waste disposal and were a "reasonable" intervention.

The new rules mandate a minimum payment of 22 rupees per kilogram to recycle consumer electronics. Such rates are still lower than levels in the U.S where they are up to five times higher, according to research firm Redseer.

Carrier reported sales of $248 million in India last year, its highest level since at least the financial year ending March 2020. Its filing said it installed India's first-ever air conditioning system in Jaipur city in 1936.

(Reporting by Aditya Kalra and Arpan Chaturvedi; Editing by Edwina Gibbs)

(([email protected];))

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

• VOLTAS LTD - RECEIVES SHOW CAUSE NOTICE FOR SHORT PAYMENT OF GST

• VOLTAS LTD - SHOW CAUSE NOTICE DEMANDS 2.65 BILLION RUPEES IN TAX, INTEREST, PENALTY

Source text: ID:nBSEWbZ50

Further company coverage: VOLT.NS

(([email protected];;))

** Shares of Voltas VOLT.NS fall as much as 2.53% to 1,261.50 rupees apiece

** AC maker's stock last down about 2%

** Multiple brokerages lower PT and earnings expectations, flag sales decline due to unseasonal rains in May and June

** Jefferies cuts FY28 EPS estimates by 6%, PT to 1,680 rupees from 1,790 rupees; rating "buy"

** Citi and Morgan Stanley say VOLT faces challenging FY26Q1; Citi PT 1,850 rupees, rating "buy"; MS PT 1,526 rupees, rating "overweight"

** Nuvama cuts PT to 1,190 rupees from 1,250 rupees, maintains "hold" rating

** Motilal Oswal and DAM Capital downgrade to "neutral" from "buy" with PT 1,350 and 1,370 rupees, respectively

** Avg rating of 35 analysts tracking VOLT is "buy", median PT 1,370 rupees- data compiled by LSEG

** YTD, VOLT down 28%, Nifty mid-cap index .NIFMDCP100 up 1.7%

(Reporting by Bharath Rajeswaran in Bengaluru)

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

** 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];;))

Repeats for website publication; no changes to text

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)

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

• VOLTAS LTD - APPOINTS K. V. SRIDHAR AS CFO EFFECTIVE APRIL 1, 2025

Source text: ID:nBSE7dF3zK

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)

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** 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)

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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:]

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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
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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

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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)

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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

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