LPG crisis: TTK Prestige, other household appliances firms' shares rise for 3rd day as sales of induction cookers surge

LPG crisis: TTK Prestige, other household appliances firms' shares rise for 3rd day as sales of induction cookers surge

• Household appliance shares rose up to 10% for third straight day
• Electric cooktop and kettle sales rose due to gas worries.
• Croma and Stovekraft saw demand jump 3-4 times in recent days

Did our AI summary help?

Shares of household appliances firms rose for third straight day and gained as much as 10% on March 12 as sales of induction cooktops, electric kettles have surged.

Shares of TTK Prestige and Greenchef Appliances rose 9.8% and 4%, respectively, on March 12. TTK Prestige shares rose 25% in last three trading sessions.

Meanwhile, shares of Jaipan Industries climbed over 14%.

Sales of induction cooktops and electric kettles have surged in the wake of cooking gas supply concerns due to the war in West Asia, according to industry players.

Tata Group's Croma said it has observed a threefold jump in demand for induction cooktops over the past few days, while Stovekraft Ltd, the company behind the popular kitchen appliance brand Pigeon, noted that its average weekly online sales have jumped four times.

"At Croma, we have observed a sharp and immediate uptick in demand for induction cooktops over the past few days. Our average daily run rate has surged significantly," Infiniti Retail Ltd (Croma) CEO & MD Shibashish Roy said.

While he did not disclose the exact number, Roy said, "Our average daily run rate has surged to nearly three times the usual levels." He further said, "Interestingly, we are also seeing customers purchase multiple units at a time, which was not common earlier, indicating some precautionary buying." Alongside induction cooktops, the company has also witnessed a rise in demand for electric kettles, with sales nearly doubling compared to the regular run rate, Roy said.

"Induction cooktops and electric kettles are increasingly being viewed as a reliable and convenient alternative, and there is a present momentum in the adoption of electric cooking solutions across households," he said, adding that Croma is ensuring adequate availability across its stores and online channels to meet the increased demand.

Even restaurants are switching to alternatives like induction cooking amid the reported shortage of commercial LPG cylinders.

Meanwhile, an Amazon India spokesperson said, "Over the last two days, sales of induction cooktops have increased 30X, while rice cookers and electric pressure cookers are seeing a 4X increase. Air fryers and multi-use kettles are also seeing a 2X increase in sales over a regular day.

“Customers are using Amazon Now to get similar products within minutes in parts of Delhi-NCR, Mumbai and Bengaluru."

Expressing similar views, Stovekraft, Managing Director Rajendra Gandhi said, "We have seen a four times spike in the average weekly sales of induction cooktops in the e-commerce channels since the beginning of the ongoing tensions in the Middle East."

The company currently manufactures around 2 lakh units of induction cooktops at its manufacturing facility in Harohalli, Karnataka.

"We plan to ramp this up in the coming financial year," he added.

The company said it expects the shift towards energy-efficient and alternative cooking solutions to continue as consumers increasingly look for reliable and cost-effective kitchen appliances.

Stovekraft manufactures a wide range of kitchen appliances and cookware under brands such as Pigeon and Gilma, available through both online and offline channels.

Amid the ongoing West Asia conflict, a senior Oil Ministry official on Wednesday said that there is no need for panic booking on LPG and that normal delivery cycle of 2.5 days is being maintained.

India's crude oil supplies remain secure, Sujata Sharma, Joint Secretary in Ministry of Petroleum and Natural Gas told reporters at a briefing.

Crude oil is being sourced from non-Strait of Hormuz routes, she said.

Government measures have led to a 25 per cent rise in LPG production, according to the Ministry.

However, due to the disruptions in energy supplies caused by the widening West Asia conflict, there are "limitations" in continuing LPG supplies to industrial and commercial customers for the time being.