Mumbai, March 11 (NationPress) The shares of home appliance manufacturers saw an uptick on Wednesday as online shopping platforms experienced a notable rise in demand for electric stoves and induction cooktops amidst the ongoing conflict in the Middle East, fueled by concerns over possible LPG shortages.

Additionally, quick commerce sites were offering induction cooktops at discounts exceeding 50%.

Shares of Butterfly Gandhimathi Appliances increased by approximately 4% to Rs 630.5, reaching an intraday peak during early trading on the BSE. V-Guard Industries also experienced a rise, with shares hitting an intraday high of Rs 326, marking a 3% increase from the previous close on the same exchange.

The most significant gains were observed among leading induction cooktop manufacturers, with Stove Kraft and TTK Prestige shares soaring by over 10%.

The parent company of ‘Pigeon’ saw its stock surge by 7.32% to Rs 523.55 on the BSE, while stocks of TTK Prestige surged by 14.63% to Rs 556.

Experts in the industry have emphasized the need for urban households to be encouraged and financially supported to adopt electric induction stoves in light of the current LPG crisis.

Abhishek Kar, a Fellow at CEEW, noted that India relies on imports for nearly two-thirds of its LPG, with more than 90% sourced from West Asian nations such as the UAE, Qatar, and Saudi Arabia.

"Implementing the Essential Commodities Act to ensure prioritization of LPG supply for domestic cooking is a critical initial step. The government should replicate the successful ‘Give It Up’ campaign for LPG subsidies with a new initiative urging households capable of using electric induction stoves to reduce their LPG dependence. This would alleviate the strain on domestic LPG demand," Kar recommended.

Moreover, the National Restaurant Association of India (NRAI) called upon its members on Tuesday to minimize LPG consumption by focusing on menus that utilize less gas and considering electric appliances wherever possible.

"The ongoing geopolitical tensions have severely disrupted the commercial LPG supply chain. Should the situation worsen and availability diminish significantly, the restaurant industry could face serious operational difficulties," the NRAI stated in an advisory directed at restaurant owners nationwide.

"To ensure business continuity, protect jobs, and maintain stability in our sector, the NRAI urges all members to adopt these fuel conservation and operational measures immediately," the advisory concluded.