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With sales of cooling products turning out dismal this summer due to unseasonal rains, the stocks of related companies are now off their March highs. Shares of fan and air conditioner makers such as Voltas, Symphony, Orient Electric, Johnson Controls-Hitachi Air Conditioning and Crompton Greaves are down 5-23 per cent since March when the summer season saw a firm onset. In comparison, the BSE Sensex index is up 10 per cent.

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Zee Entertainment Enterprises, Orient Electric, Thermax Limited and Vaibhav Global Limited showed promising growth on July 7, 2023, by crossing their 100-day Simple Moving Average (SMA). Zee Entertainment Enterprises, a media and entertainment company, closed at Rs 206.15, Orient Electric at Rs 252.30, Thermax Limited at Rs 2273.90

Analysts expect the stocks to remain weak in the near-term as lower sales offtake will lead to companies missing their earnings estimates for the April-June quarter (Q1FY24)

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