Nomura warns about air conditioning sector in India
Reuters Market Eye - Nomura says it has come away "with extremely negative takeaways" for the Indian heating, ventilation and air conditioning (HVAC) market after meeting with Blue Star's (BLUS.NS) executive in charge of the segment.
Nomura says Blue Star sees the HVAC market suffering from declining orders and intensifying competition, according to a note dated on Thursday.
As such, margins are under pressure, while customers are delaying payments, Nomura says citing Blue Star's comments.
Nomura expects the negative trends in HVAC to also impact Voltas (VOLT.NS), noting the air conditioner maker has recently been aggressive in the domestic market following a slowdown in new order inflow in the overseas markets.
Blue Star shares fall 1 percent, while Voltas shares are down 2.1 percent.
(Reporting Manoj Dharra)
- Tweet this
- Share this
- Digg this
- Miss America defends student suspended for asking her to prom
- UPDATE 3-Soccer-English premier league results and standings
- Calls to U.S. poison centers involving e-cigarettes jump - CDC
- Abdullah widens lead in Afghan presidential vote - latest count
- India passes halfway mark in election with BJP gaining strength
Nitin Gadkari, former president of the Bharatiya Janata Party and a member of the BJP’s manifesto committee, speaks to Reuters. Here are the edited excerpts. Full Article