The stock market is declining amid the ongoing war in the Middle East. The stock market has fallen rapidly during the last two sessions. However, in the meantime, some shares are seeing a rise. Amidst the LPG shortage in India, some Indian shares have risen sharply and are seeing a rise of up to 20 percent.
Shares of home appliance makers such as Japan Industries Ltd, TTK Prestige Ltd and Butterfly Gandhimathi Appliances Ltd surged in early trade on Thursday as demand for electric cooking appliances picked up amid concerns of a possible LPG shortage.
These shares rose up to 20 percent
According to the new update, shares of Jaipan Industries rose by 20 percent and crossed Rs 30. Shares of TTK Prestige and Butterfly Gandhimathi Appliances saw a rise of 6.59 percent and 5.03 percent respectively. Other related stocks like EPAC Durable Ltd, Bajaj Electricals Ltd and Stove Craft Ltd also witnessed a rise, rising 1.66 per cent, 1.67 per cent and 1.24 per cent respectively.
Induction disappeared from the market
Big reason for rise in these shares lpg Shortage is being reported. Due to LPG shortage, induction cooktops and other electric cooking products are ‘out of stock’ on the Quick Commerce platform. Government officials say that there has been panic booking regarding LPG, due to which its price has increased. There is no shortage of gas in India.
Consumers are increasingly turning to induction cooktops, a convenient and relatively affordable alternative to traditional gas stoves. This change is happening rapidly due to fear of supply disruptions and rising prices of cooking gas.
E-commerce platforms and retailers have recorded a huge surge in demand for electric cooking appliances. According to a Flipkart spokesperson, there has been a surge in sales of induction cooking appliances on the platform. In the last four-five days the sales volume has increased four times as compared to the previous weeks. This surge is especially more pronounced in areas like Delhi, Kolkata and Uttar Pradesh.
(Note- Before investing in any share, take the help of your financial advisor)
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