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Shares of Eureka Forbes hit an all-time high of Rs 537.05, up 1.4 per cent on the BSE in Wednesday’s intra-day trade, extending its rally on healthy outlook. The stock of the household appliances company has surpassed its previous high of Rs 535, touched on September 13, 2022.
In the past three weeks, it has surged 20 per cent. Moreover, in the past one month, it has gained 15 per cent as compared to 0.50 per cent decline in the S&P BSE Sensex. The equity shares of the company were listed on BSE on March 16, 2022.
Eureka Forbes is one of the leading health and safety solution providers in the country. The company is engaged in manufacturing, selling, renting and servicing of vacuum cleaners, water filter cum purifiers, water and waste water treatment plant, trading in electronic air cleaning systems, small household appliances, digital security system, air-conditioners and all kinds of electrical & non electrical appliances etc.
According to the company’s management, despite inflationary pressures, the consumer durables market is expected to witness robust demand, owing to the increasing need for premium products. Flexible working is also expected to drive the sale of goods that enhance personal convenience at home. Also, rural demand could outpace that of urban markets given the increase in incomes and thr government’s initiatives surrounding rural electrification.
Union Budget 2022-23 saw the Government allocate Rs 60,000 crore for ‘Nal se Jal’ scheme which is expected to see 38 million households have access to potable water in 2022-23. This may benefit the country’s water purifier sector.
The water purifier market in India is one of the largest in the Southeast Asian region. Limited access to potable water and water contamination caused by high levels of fluoride and arsenic, drive the demand for water purifiers in the country. India’s water purifier market is expected to register a CAGR of 15 per cent between 2021 and 2026, according to MarkNtel Advisors.
Meanwhile, the vacuum cleaner market in India demonstrated strong growth over the past few years due to an increase in income levels and the need for better lifestyle. Covid-19 also accelerated the need for a modern way of cleaning.
According to 6W Research, India’s vacuum cleaner market’s size is projected to grow at a CAGR of 9.2 per cent between 2020 and 2026.
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