Meanwhile, the BSE Sensex was down 576.53 points, or 3.42%, to 16,278.40.
On BSE, 5.17 lakh shares were traded in the counter as against an average daily volume of 5.11 lakh shares in the past one quarter.
The stock hit a high of Rs 164.30 and a low of Rs 156.20 so far during the day. The stock had hit a 52-week high of Rs 182 on 23 November 2009 and a 52-week low of Rs 31.10 on 5 March 2009.
The stock had outperformed the market over the past one month till 26 November 2009, rising 9.87% as compared to the Sensex's 0.68% rise. It outperformed the market in past one quarter, gaining 9.62% as against 6.88% increase in the Sensex.
The mid-cap engineering company has an equity capital of Rs 33.09 crore. Face value per share is Rs 1.
The current price of Rs 160.70 discounts the company's Q2 September 2009 annualised EPS of Rs 9.75, by a PE multiple of 16.48.
Voltas' chief financial officer and executive vice president, MM Miyajiwala was quoted as saying that the company is executing the project for Dubai-based Emaar and the client has fully funded the project. Thus, Voltas is not anticipating any delays. He added that Voltas' order book is primarily from Abu Dhabi and Qatar.
Dubai's financial health came under scrutiny after a major government-owned investment company on Wednesday, 25 November 2009, asked for a six-month delay on repaying its debts. Dubai World, which has total debts of $59 billion, is asking creditors if it can postpone its forthcoming payments until May next year. Dubai World has also appointed global accountancy group Deloitte to help with its financial restructuring. The company has been hit hard by the global credit crunch and recession. It was due to repay $3.5 billion of its debts next month.
The request for a delay in repayments led to major credit ratings agencies downgrading a number of state-backed companies. Following six years of rapid growth, the Dubai economy has slumped since the second half of 2008. The Dubai government said in a statement that the request to delay debt repayments also applied to property developer Nakheel, a Dubai World subsidiary.
Voltas' net profit rose 29.7% to Rs 80.64 crore on a 8.8% increase in sales to Rs 999.26 crore in Q2 September 2009 over Q2 September 2008.
Voltas offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.