LPG Crisis Triggers Surge in Induction Cooker Sales, Shares of Hawkins, Borosil Rise

Electric Kitchen Appliances Shares Surge Amid LPG Uncertainty

On March 10, shares of electric kitchen appliances, including induction cookers, experienced a significant surge in value due to growing concerns over LPG availability. Key players such as Borosil and Bajaj Electricals saw their shares rise by 13% and 7%, respectively. TKK Prestige and Hawkins Cookers also recorded gains of 7% and 4.8%, while Butterfly Gandhimathi Appliances Ltd's stock rose by 2%.

India's domestic sector accounts for 87% of the country's annual LPG consumption of 31.3 million tonnes. Approximately 62% of this requirement is met through imports, primarily from countries like Saudi Arabia via the Strait of Hormuz. However, the recent US and Israel's attack on Iran, followed by Tehran's retaliation, has led to a significant disruption in LPG imports.

According to a government source, LPG production has been increased by 10%, and no LPG distributors are facing shortages. Despite this, sales of electric kitchen appliances, particularly induction cookers, have seen a significant rise. Khosla Electronics, a leading retailer in Kolkata, reported a 60% surge in sales on Saturday and a continued trend on Sunday. The company's daily sales have jumped from 40-45 units to 120-130 units across its 86 outlets in the city.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data