Whirlpool Of India Ltd share price hit its all-time high in trade today amid positive management commentary about the growth outlook despite a slowdown in the economy. Whirlpool of India share price rose 4.38% to Rs 2,145.35 compared to the previous close of Rs 2,055.40 on BSE. It closed 1.73% higher at Rs 2,091 on BSE.
The large cap stock has gained 8.47% in last three days. The Whirlpool stock has gained 46.38% during last one year and risen 50% since the beginning of this year.
The consumer goods stock closed higher than its 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Its benchmark BSE consumer durables index has gained 43.20% during last one year and gained 23.88% since the beginning of this year.
In an interview to a business news channel, Managing Director of Whirlpool of India Sunil D’Souza said, “We remain confident of driving growth ahead of the industry; strong double digit as we have always maintained.”
“The consumer is coming back, we have seen an uptick in the last one week,” D’Souza told CNBCTV18. The comments assume significance as the economy is facing crisis on both demand and consumption front.
The consumer durable industry, hopes to have double-digit growth during the festive season sales, despite concerns of economic slowdown.
According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), although the last three months were not very encouraging for the industry, manufacturers are bullish about the ensuing festive season sales.
Consumer durable firms expect to have double-digit growth led by factors like good monsoon and steps taken by the government such as reduction in corporate tax.―Business Today