Mumbai Following reports of LPG shortage due to tensions in the Middle East, there is a surge in demand for electric induction stoves on e-commerce platforms in the country and this led to a rise in the shares of home appliance companies on Wednesday.
Shares of Butterfly Gandhimathi Appliances were at Rs 651, up 7.93 per cent intraday at 12:45 pm. The stock touched a high of Rs 660 during the day. Shares of TTK Prestige were at Rs 530 with a rise of 9.40 percent. It has touched the highest level of Rs 556 in the trading so far. Shares of Stove Craft, a company selling products under the Pigeon name, were at Rs 510 with a rise of 5.05 percent. The stock has touched the highest level of Rs 525 in the trading so far. On the other hand, industry experts say that in view of the LPG crisis, urban families should be encouraged and motivated to cook food with electric induction stoves. CEEW Fellow Abhishek Kar said India imports about two-thirds of its LPG, of which more than 90 per cent comes from West Asian countries such as the UAE, Qatar and Saudi Arabia.
Abhishek Kar suggested, invoking the Essential Commodities Act to prioritize LPG supply for domestic cooking is a first but important step. The government should now launch a new Give It Up campaign on LPG usage on the lines of the Give It Up campaign for LPG subsidy, targeting households that own or can afford electric induction stoves. This will reduce pressure on domestic LPG demand.
He said that urban families should be encouraged and motivated to cook food with electric induction stoves. Additionally, the National Restaurant Association of India (NRAI) on Tuesday urged its members to reduce LPG consumption. He said they should focus on menus that consume less gas or take less time to cook. Also, where possible, consider alternatives to electric appliances for cooking.
The current geopolitical developments have caused serious disruption in the commercial LPG supply chain, NRAI said in an advisory issued to restaurant owners across the country. If the situation worsens and availability is significantly reduced, the restaurant industry may face serious operational challenges.
NRAI further said, to protect business continuity, employment and sustainability of our sector, it has urged all members to immediately adopt these fuel conservation and operational continuity measures. –
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