We met with the management of Voltas and following were the key takeaways from the meeting: a) primary sales towards festive season (Diwali/Dussehra) was weaker than expectations, b) GST implementation led to 2% increase in effective tax rate, but company has not rolled out any price increase as 2Q/3Q are lean seasons, c) Voltas-Arcelik JV products to be launched by 4QFY18 (pushed from 3Q) and the plant is expected to be commissioned in 18 months after location is finalised, d) Voltas is No.4 player in inverter AC market (6% market share) as its focuses on the fixed speed AC segment given management's view that demand in that segment is still intact and e) projects division may see some near term...