There was a sharp rise in the shares of kitchen appliance manufacturing companies on Thursday amid reports of shortage of LPG cylinders. As soon as the market opened, the stocks of many companies rose rapidly. Investors believe that if the supply of gas cylinders is affected, people will increasingly adopt electric cooking options, which can benefit companies in this sector.
On Thursday, shares of Japan Industries rose by 14.35%. While shares of TTK Prestige rose by 9.81%. Shares of Butterfly Gandhimathi registered a rise of 5 percent in early trade, but by the time the market closed, a fall of 1.22 percent was recorded. Apart from this, other companies of this sector also remained in the green. Slight gains were also seen in shares of EPACK Durable and Bajaj Electricals. Market experts say that due to increasing uncertainty regarding cooking gas, investors have increased buying in the shares of these companies.
People looking for alternative to LPG
In fact, after increasing concerns regarding LPG supply in recent times, people have started looking for alternatives to gas. This is the reason why the demand for electric cooking appliances like induction cooktop, rice cooker and electric pressure cooker has suddenly increased. Even induction cooktops have been sold out on many quick-commerce platforms. This clearly indicates that people have already started buying electric cooking appliances as a precautionary measure.
Induction sales increased
According to media reports, there has been a record increase in the sales of these products in the last few days. In the last 45 days, sales of induction cooktops on Flipkart have increased almost four times compared to normal weeks. Especially in areas like Delhi, Kolkata and Uttar Pradesh, its demand is being seen more. At the same time, there has been a huge jump in the sales of induction cooktop on Amazon and in the last few days its sales have increased by almost 30 times. Apart from this, the demand for rice cookers and electric pressure cookers has increased almost four times, while the sales of air fryers and multi-use kettles have also almost doubled as compared to normal days.
After LPG, CNG increases concern, auto rickshaw fare increased in this city, Ola-Uber also affected