Religare Research has upgraded Voltas to 'Buy' from 'Hold' with revised price target of Rs 350 in its report.

Commenting on the investment rationale, the stock broker said, ''Voltas's Q4 results were ahead of estimates (Rs 859 million) led by higher UCP business margins. The key highlight of the quarter however was the sustained strength in growth and margins profile of the UCP business, which leads us to upgrade our FY16/FY17E EPS by 11%/17%. Further, capital employed in the EMPS segment continued to decline-a key positive in our view.

We upgrade the stock to Buy (from Hold) with a revised Mar'16 TP of Rs 350 (from Rs 280).''

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