Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday raised the customs duty on kitchen electric chimneys to 15 percent from 7.5 percent, making kitchen appliances costlier.

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The Finance Minister also proposed a reduction in customs duty for several electronics components to boost the manufacturing of electronics goods in India.

After the Budget announcements, shares of kitchen appliance stocks saw a mixed reaction.

While kitchen appliances and cookware company TTK Prestige's stock closed 2.63 percent lower at Rs 760.50 apiece, the shares of small-cap company Stove Kraft gained 2.24 percent to reach Rs 523.05 before closing 0.80 percent lower at Rs 507.05.

TTK Prestige also reacted to its quarterly earnings.

Shares of Crompton Greaves Consumer Electrical, on the other hand, traded flat at Rs 330.55 but closed 0.21 percent higher at Rs 331.35.

Further, shares of the consumer electronics company V-Guard Industries closed at Rs 245 apiece, down 0.77 percent.

The company completed the acquisition of a 100 percent stake in Sunflame Enterprises Pvt. Ltd. last month for a cash consideration of Rs 680.33 crore. Of the total consideration, Rs 25 crore will be paid two years after the closure of the transaction.

The acquisition makes Sunflame Enterprises a wholly-owned subsidiary of V-Guard Industries.

Sunflame is engaged in the business of manufacturing and marketing various kitchen and small domestic appliances.

(Edited by : Rukmani Krishna)

First Published:Feb 1, 2023 6:22 PM IST