Voltas was up close to 5 percent yesterday, March 16, and it's just 6 percent away from its 52 week high levels. In fact, volumes in the last three days have also surged higher.

Also, there is news that Voltas enters into a 40:60 joint venture with Highly International a wholly-owned subsidiary of Shanghai Highly to engage in developing and manufacturing inverter compressors for air conditioners.

All eyes now are beyond summer sales as a lot of pent-up demand is what the street is anticipating on the back of two-loss past summers.

Also Read: Consumer durable makers bet on strong summer demand, expect 12-20% growth over 2019 levels

According to Macquarie, stock and earnings will benefit in the near term from improving demand, but they have an underperformance call and target price at just Rs 1,028 per share on rich valuation as the stock trades at 53 times one year forward earnings.

Watch the accompanying video of CNBC-TV18’s Nupur Jainkunia for more details.

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