Consumer Durables Prices Set to Rise Again in India
The consumer durables industry in India is set to raise prices of air conditioners, LED TVs, washing machines, and other appliances by 5% to 8% from October 1. This is the third round of price hikes by the industry this year.
Bosch Home Comfort India Ltd shares rose 3.16% to hit a day's high of Rs 1,865 on BSE, while Voltas Ltd shares climbed 1.65% to a day's high of Rs 1,135.45. Blue Star Ltd stated that it will increase prices of its air conditioners by 8%, and LG Electronics India Ltd announced an upward revision of AC prices by 5-7% from October 1.
The price revisions come amid elevated input costs, including copper, steel, and crude oil derivatives, as well as currency exchange volatility due to the ongoing West Asia crisis. Manufacturers have been facing higher costs of key inputs such as copper, aluminium, steel, and crude oil derivatives, along with increased freight costs.
LG Electronics clarified that it has not taken any decision on revising prices of any other LG products as of now.