Shares of AC maker, Blue Star jumped 5 per cent to a high of Rs 1,550 in Tuesday's intra-day trades after the company said its board will consider a proposal to issue bonus shares on May 04, 2023; apart from announcing the corporate results for Q4 and FY23.
At 09:25 AM, the stock was up 2.2 per cent at Rs 1,510, with trades of around 1,500 shares on the BSE. Meanwhile, the S&P BSE Sensex was up 0.4 per cent at 61,354.
The stock has surged over 38 per cent so far this calendar year. In comparison, the BSE benchmark has gained merely 0.8 per cent.
The buying at counters such as those engaged in air-conditioner (AC) business has been attributed to the ongoing summer and frequent heat waves across India. The Indian Met department has predicted extreme heat waves this season.
For the quarter ended December 2022, the company had reported a 36.7 per cent YoY growth in net profit at Rs 5.21 crore, backed by a 23.4 per cent rise in total income to Rs 165.41 crore.
Earlier in April, Managing Director B Thiagarajan in a press meet said, Blue Star aims to corner around 15 per cent share of the residential air conditioner market in terms of value as the cooling products maker expands its product portfolio and distribution network.
According to Thiagarajan, the company targets to achieve a market share of 15 per cent by FY25 in the room air conditioner segment.