It had reached an even higher Rs 65 earlier. By 12:50 IST, a total of 18,717 Voltas shares changed hands on BSE so far.

Tata group company Voltas announced yesterday that the Government of Gujarat had awarded it an order encompassing three pumping projects, with a total value of Rs 26.25 crore to be completed by the end of the year.

The project is designed to alleviate the recurring drought in north Gujarat caused by the continuous depletion of water levels in the Dharoi reservoir.

Earlier, the company had embarked on brushing up its brand equity with increased allocation towards marketing initiatives and marketing communications.

The company has planned an expenditure of Rs 18 crore for FY 2003-04. It also plans to continue its focus on the household segment, which is estimated to grow much faster than the institutional segment, at a compounded annual growth rate (CAGR) of 27% for the next three years.

In order to meet the demands of new emerging markets and increasing customer expectations, Voltas plans to introduce, in the coming season, a range of new products in window and split air conditioners: slimline and ductable splits and water dispenser. These products would help it to grow by 30% in the coming season.

The company also plans to widen its reach by increasing its retailers from 400 to 750 and dealers from 270 to 300, within the next 12 months. Additionally, 20 outlets exclusively selling Voltas products, titled 'Voltas Dome', have been opened all over India. Their numbers will also treble by the end of this year, the company said.

Through all these concerted strategic initiatives, Voltas has set its sights on increasing market share from the current 11% to 15% in the Indian air-conditioner segment, in spite of formidable competition from multinational companies

Promoted in 1954 by Tata Sons and Volkart Brothers, a Swiss firm operating in India since 1851, Voltas has established a strong leadership presence as India's premier air-conditioning company and as a provider of engineering and back-up services. The company's strengths lie in design and manufacture of industrial equipment, management and execution of electro-mechanical projects, sourcing, installation and servicing of technology based systems and representation of global technology leaders, serving diverse industrial sectors and application.

Its products include room airconditioners and refrigeration equipment, water coolers, forklift trucks, cranes, pumps and modular office furniture systems. The products have the stamp of automated manufacturing plants bearing ISO 9001 certification, resulting in consistent high quality and reduced costs. The company's sourcing and marketing operations cover textile machinery, machine tools, mining and construction equipment, and industrial chemicals. In these sectors, Voltas demonstrates its specialised engineering expertise, as well as its extension network of global sources.

For the third quarter ended 31 December 2002, the company recorded a massive rise in net profit to Rs 2.85 crore (Rs 0.04 crore) on a 38% jump in net sales to Rs 251.24 crore (Rs 182.33 crore).

As on 31 December 2002, the promoters held 25.69% stakes in Voltas, while the public and institutions held 31.65% and 23.20% respectively.