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Whirlpool, Voltas shares rise as Panasonic exits fridge segment
The Indian market witnessed a surge in shares of Whirlpool and Voltas on Thursday after a report emerged that Japanese manufacturer Panasonic is exiting the refrigerators and washing machines segments in India due to reported losses. Whirlpool’s shares rose by 5% while Voltas gained 2% on the news.
According to a report by Moneycontrol, Panasonic, which holds a market share of 1.8% for washing machines and 0.8% for refrigerators, is set to focus on home automation, B2B solutions, electricals, and energy solutions. The company’s decision to exit the refrigerator and washing machine segments is a significant development in the Indian consumer durables market.
Whirlpool, an American multinational company, is one of the largest players in the Indian refrigerator and washing machine market. With a strong brand presence and a wide range of products, Whirlpool is well-positioned to benefit from Panasonic’s exit from the market. Whirlpool’s 5% rise in shares on Thursday was a clear indication of investors’ confidence in the company’s ability to capitalize on Panasonic’s exit.
Voltas, another well-established player in the Indian consumer durables market, also gained 2% on Thursday. Voltas, a subsidiary of Tata Group, has a diverse portfolio of products, including refrigerators, air conditioners, and washing machines. With a strong brand reputation and a wide distribution network, Voltas is well-equipped to take advantage of Panasonic’s exit from the market.
Panasonic’s decision to exit the refrigerator and washing machine segments is a significant setback for the company, which has been struggling to maintain its market share in recent years. The company’s focus on home automation, B2B solutions, electricals, and energy solutions is a clear indication of its intention to shift its focus towards more profitable segments.
The Indian consumer durables market is highly competitive, with several domestic and international players vying for market share. Whirlpool, Voltas, and other players are constantly innovating and investing in research and development to stay ahead of the competition.
In recent years, the Indian consumer durables market has witnessed significant growth, driven by increasing demand for household appliances. The government’s initiatives to promote manufacturing and exports, as well as the growing middle class, have contributed to the growth of the market.
Whirlpool and Voltas are well-positioned to benefit from the growth of the Indian consumer durables market. With a strong brand presence and a wide range of products, these companies are well-equipped to capitalize on the opportunities presented by Panasonic’s exit from the market.
In conclusion, the news of Panasonic’s exit from the refrigerator and washing machine segments in India is a significant development in the Indian consumer durables market. Whirlpool and Voltas, two of the largest players in the market, are set to benefit from Panasonic’s exit, with their shares rising by 5% and 2% respectively on Thursday. The Indian consumer durables market is highly competitive, and Whirlpool and Voltas will need to continue to innovate and invest in research and development to stay ahead of the competition.
