Stove Kraft, TTK Prestige shares jump another 5% as LPG supply squeeze amid West Asia war lifts induction cooktop sales

Shares of major Indian cooking appliance manufacturers, including Stove Kraft and TTK Prestige, surged by up to 5% on the Bombay Stock Exchange as the ongoing conflict in West Asia has resulted in a significant squeeze on liquefied petroleum gas (LPG) supplies. This crisis, prompted by tensions particularly in the Strait of Hormuz, has severely impacted gas shipments, leading to a spike in LPG prices domestically. With India being the second-largest LPG importer globally, the shortage has forced many restaurants to either reduce their menus or temporarily close due to a lack of gas. In response to the supply crunch, demand for induction cooktops and electric kettles has skyrocketed; Tata Group's Croma reported a threefold increase in induction cooktop sales recently. Similarly, Stove Kraft announced a fourfold increase in its average weekly online sales. The situation highlights the broader implications of global energy supply disruptions on India's domestic market, as the government seeks to manage the ongoing crisis while consumers pivot towards alternative cooking methods. Additionally, the Indian Railway Catering and Tourism Corporation (IRCTC) has advised its vendors to adapt by utilizing electric cooking appliances, further indicating a shift in cooking practices amidst the LPG shortage.