The market has now revised the earlier expectation of a net profit of Rs 26-28 crore to Rs 32-34 crore. Turnover too is expected to grow by 32-35 per cent to Rs 375-390 crore against the earlier growth estimates of 25-26 per cent. The company may even raise the dividend distribution which for the past three years has remained at a low level of 20, 20 and 10 per cent for 1997, 1996 and 1995 respectively.

Carrier's board is expected to meet in the third or fourth week of May to take up the company's financial performance.

According to market sources, foreign funds have been accumulating the Carrier scrip. Post-results, these funds see the stock turning attractive with a price earning of around 20 against the current price earning of over 31. The stock tested theRs 300-level for the second time in the past two trading sessions, but selling pressure from a few domestic institutions including, UTI dragged Carrier's scrip slightly lower.

The company in the past two financial years has reported better performance in the second half. Net profit in 1995-96 and 1996-97 has grown by over 30 per cent in the second half ended March. Carrier Aircon reported a net profit of Rs 12.72 crore for the first half ended September 1997 against Rs 9.65 crore for the corresponding half of 1996-97.

Carrier's stock on May 8, shot up to a high of Rs 303 before closing the day at Rs 297 on the National Stock Exchange (NSE) with net traded volume of around 1.35 lakh shares. With Friday being the last day of the settlement, the stock closed slightly lower on BSE at Rs 294 with a traded volume of 84,400 shares. The volumes have picked up in the past few days from 10,000-12,000 shares to around one lakh shares a day.

Carrier Aircon, the 51 per cent subsidiary of Carrier Corporation, USplans to increase its capacity from 45,000 units to 60,000 units in the room airconditioner segment and expand its dealer network with a significant increase in the number of retail Carrier comfort showrooms. The capacity to manufacture compressors is also being increased from 1.2 lakh units in three shifts to two lakh units over the next couple of years. Carrier Aircon has already completed ten years of its presence in India and is the market leader in the room airconditioner segment with a market share of over 30 per cent.