Bajaj Electricals and Domestic Appliance Shares See Up to 2.5% Gain Amid Crude Oil Price Rebound

Household Appliances Shares Rise Amid Oil Price Surge

Shares of household appliances companies witnessed a significant increase on Monday, tracking a rise in demand for induction cooktops and electric kettles as crude oil prices reclaimed the $100 mark. The surge in oil prices is closely linked to geopolitical tensions, with the US military preparing to blockade ships entering or leaving the Strait of Hormuz.

The price of crude oil has been rising steadily since late February, with Brent crude, the international benchmark, surging from about $70 per barrel to over $119 at times. On Monday, benchmark US crude jumped $8.38, or 8.7 percent, to $104.95 a barrel, while Brent crude rose $7, or 7.4 percent, to $102.23 a barrel.

The increase in oil prices has led to a rise in cooking gas (LPG) prices, making gas cooking more expensive for consumers. As a result, consumers are looking for cheaper or more predictable options like induction cooktops and electric kettles, which run on electricity. This shift in demand has positively impacted the shares of household appliances companies.

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Market Performance

Shares of Bajaj Electricals rose over 2 percent to Rs 375.50 per share on the NSE, while Butterfly Gandhimathi Appliances gained up to 1 percent on the exchange. Stove Kraft also advanced 3 percent, while TTK Prestige and Hawkins Cookers declined 0.82 percent and 0.72 percent, respectively.