September 27, 2018 / 7:16 AM / 3 months ago

BUZZ-India's Voltas falls on import tariff hike

** Shares of Voltas Ltd fall as much as 6.74 pct to 533 rupees, lowest in over 2 months

** Indian govt raised import tariffs on 19 “non-essential items,”, including air-conditioners, household refrigerators, washing machines less than 10 kgs and compressors for ACs and refrigerators

** ICICI Securities says import tariff hike in addition to higher import cost due to depreciation of the Indian rupee is expected to impact co’s margins; reiterates “sell” rating

** Co was planning to launch refrigerators and washing machines from its JV with Turkey’s Arcelik with an import model planned initially; increase in custom duties to adversely impact JV’s performance - ICICI Securities

** Around 2.8 mln shares traded vs 30-day avg of about 1.5 mln shares

** Rivals Havells India Ltd down 3.8 pct and Whirlpool of India Ltd fell 1.6 pct

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