Shares of home appliance manufacturers saw an uptick in trading due to increased demand for electric stoves and induction cooktops on e-commerce platforms amidst fears of LPG shortages in the Middle East. Quick commerce outlets were offering discounts exceeding 50% on Induction stoves. Butterfly Gandhimathi Appliances shares rose by about 4% to Rs 630.5, reaching an intraday high on the BSE. Similarly, V-Guard Industries witnessed a 3% increase, hitting an intraday high of Rs 326 on the same exchange.
Major induction cooktop producers experienced significant stock surges, with Stove Kraft and TTK Prestige seeing increases of over 10%. The parent company of ‘Pigeon’ saw its stock surge by 7.32% to Rs 523.55, while TTK Prestige, the maker of Prestige induction cooktops, recorded a 14.63% surge to Rs 556.
Experts in the industry recommended promoting and incentivizing the use of electric induction stoves in urban households to address the LPG crisis. Abhishek Kar from CEEW highlighted that India heavily relies on LPG imports, mainly from countries in West Asia like the UAE, Qatar, and Saudi Arabia. He suggested implementing measures such as prioritizing LPG supply for domestic cooking and encouraging households with electric stoves to reduce LPG usage.
The National Restaurant Association of India (NRAI) urged its members to cut down on LPG consumption by focusing on low gas usage menus and adopting electric cooking alternatives where possible. The association warned of potential operational challenges in the restaurant industry due to disruptions in commercial LPG supply chains caused by geopolitical tensions. To ensure business continuity and stability, NRAI advised its members to adopt fuel conservation and operational continuity strategies promptly.
