Synopsis: Shares of TTK Prestige and Stove Kraft surged up to 15% after reports of a sharp rise in induction cooktop demand amid LPG cylinder shortages and supply disruptions. E-commerce platforms and retail stores reported strong sales growth as households and hotels turned to electric cooking appliances as alternatives to LPG stoves.
Shares of kitchen appliance manufacturers TTK Prestige and Stove Kraft witnessed strong gains in Wednesday’s trading session. The rally in the stocks comes amid reports of a sharp rise in demand for induction cooktops across the country. Growing concerns over LPG cylinder shortages and supply disruptions have prompted many households and businesses to explore alternative cooking solutions, leading to increased interest in electric cooking appliances such as induction stoves.
With a market cap of Rs 7,000 crore, the shares of TTK Prestige Ltd jumped about 15% in today’s trading session, reaching a high of Rs 556. When compared to its previous day’s closing price of Rs 485.
With a market cap of Rs 1,600 crore, the shares of Stove Kraft Ltd jumped about 7% in today’s trading session, reaching a high of Rs 523.55. When compared to its previous day’s closing price of Rs 487.80.
LPG Shortage Sparks Surge in Sales of Induction Cooktops
Shares of kitchen appliance manufacturers like TTK Prestige and Stove Kraft rose by up to 15% on Wednesday as demand for induction cooktops surged in the country. This is in light of the shortage of LPG cylinders and supply disruptions in the country. Many people have opted for induction cooktops as a substitute for LPG stoves. Many people opted for induction cooktops as LPG supply disruptions loomed over the country.
E-commerce websites have seen a huge surge in demand for induction cooktops. According to Flipkart, sales of induction cooktops have tripled over the past four to five days compared with the previous three to four weeks. There was a huge demand for induction cooktops in Delhi, Kolkata, and Uttar Pradesh.
Online Platforms Report Sharp Spike in Sales
E-commerce websites have reported a sharp spike in the sales of induction cooktops over the past few days. According to Flipkart, the sales of induction cooktops on their website have tripled in the past four or five days compared to the preceding three or four weeks. The demand has been high in places such as Delhi, Kolkata, and Uttar Pradesh.
However, the demand for induction cooktops has surged 20 times in the last 24 hours on Amazon India compared to an average day, which indicates the sharp spike in demand for induction cooktops on the website.
Retail stores are also reporting an increase in demand for induction cooktops. Some vendors have reported a fivefold increase in the sale of induction stoves over the past week, while others report an increase in the number of enquiries from households and hotels looking for alternatives as the supply of commercial LPG has been disrupted.
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