There was news during the day that Tata Group is considering selling Voltas, a 70 year old company. There was news that the home appliances market has become competitive in the market. Because of which it will become very difficult to take this business forward in the coming days. Now a shocking statement from Voltas has come on this news. The company has issued its statement to the stock market. Earlier, Voltas shares had closed with a decline of more than one and a half percent. The market cap of the company has currently gone below Rs 27 thousand crores. Let us also tell you what reaction Voltas has given on this news.
denied the news
The company has issued a clarification on the news that it is considering selling Voltas. While giving information to the stock market, the company said that Tata is thinking of selling Voltas, this is completely misleading. Tata Group is not going to take any such step. The company told the stock market that the above news is completely wrong and has no factual basis. Therefore the management denies any such news. The filing states that the company is a market leader in room air conditioners and is a joint venture between Voltas and Arcelik.
Doubts were expressed in the report of Bloomberg
Earlier, Bloomberg, quoting people familiar with the matter, had said that Tata Group is considering selling Voltas Limited. According to the report, Tata Group may face problems due to increasing competition in this sector. The report also said that the group has not yet decided whether to include the joint venture Arcelik AS in this deal or not. Right now this conversation was told in the primary phase. It was also said that Tata Group can keep Ascents with itself for a long time. According to Bloomberg report, Voltas shares have seen an increase of about 3 percent, due to which the market cap of the company has increased to about $ 3.3 billion.
Voltas was established 70 years ago
Established in 1954, Voltas manufactures air conditioners and water coolers as well as commercial refrigeration units, according to the company's website. The company has presence in India, Middle East, South East Asia and Africa. The company also has a joint venture with Arcelic in India. The company has launched a series of home appliances under the Voltas Beko brand in the domestic market. Today the company's shares closed at Rs 813.80 with a decline of 1.64 percent. During the trading session the company's shares had also gone to a low of Rs 811.70.
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