Shares of Stove Kraft, TTK Prestige, and Butterfly Gandhimathi Appliances rallied up to 14% on Thursday following Iran's attack on Qatar's Ras Laffan Industrial City, the world's largest LNG facility. According to reports from The Economic Times and Moneycontrol, the attack has caused significant damage to the facility, sparking concerns over global gas supply disruptions. QatarEnergy, the world's second-largest LNG exporter, confirmed that emergency response teams were deployed immediately to contain fires triggered by the attack, with all fires at Ras Laffan brought under control by early Thursday with no injuries reported. The development comes after Iran accused Israel of striking facilities at its South Pars gas field and responded by threatening attacks on oil and gas assets across the Gulf, launching missiles toward Qatar and Saudi Arabia.
The geopolitical tensions have disrupted shipments through the Strait of Hormuz, which accounts for about 20% of global oil and LNG supply. As reported by The Economic Times, production losses in the Middle East are estimated at 7 million to 10 million barrels per day, equivalent to 7% to 10% of global demand. The situation has escalated with Abu Dhabi halting operations at its Habshan gas facilities after missile interceptions led to falling debris, while in Bahrain, LNG assets were reportedly hit by heavy missile strikes according to Iran's semi-official Fars news agency. The ongoing war between Iran and the US-Israel alliance has led to the prolonged closure of the Strait of Hormuz, one of the world's most critical energy supply chokepoints, with tanker movement severely disrupted as Iran continues targeting vessels attempting to pass through the corridor.
The supply disruptions have created significant opportunities for induction cooktop manufacturers. According to The Economic Times and Moneycontrol, Tata Group's Croma has observed a threefold jump in demand for induction cooktops over the past few days, with CEO & MD Shibashish Roy noting that the average daily run rate has surged significantly. Stove Kraft reported that its average weekly online sales have jumped four times during this period, highlighting the immediate shift in consumer behavior as restaurants face gas shortages. "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," Roy stated. The surge in demand means more sales for induction cooktop players as India grapples with a sharp LPG shortage.
The gas crisis has led to substantial price increases across India's LPG market. As reported by The Economic Times, domestic cooking gas prices have increased by ₹60 per cylinder, while commercial LPG prices have risen by ₹114.5. Shortages have been reported in multiple cities including Mumbai and Bengaluru, with restaurants warning they may have to shut operations due to inadequate fuel supplies. In some areas, restaurants have run out of gas supplies or switched to simpler menu items that require little to no cooking gas. The Indian Railway Catering and Tourism Corporation has asked all its licensees to shift to alternate cooking methods such as microwave ovens and electric induction systems at railway food centres. India uses approximately 31.3 million tonnes of LPG each year, with around 87% of consumption occurring in the domestic sector and 62% fulfilled through imports, making the country particularly vulnerable to Middle East supply disruptions.
The development highlights India's reliance on imported LPG, as the country is the world's second-largest LPG importer. According to The Economic Times, the attack by the US and Israel on Iran, along with Tehran's response, has led to the closure of the Strait of Hormuz—the passage through which India received 85-90% of its LPG imports from nations like Saudi Arabia. The supply disruption linked to the closure of the Strait of Hormuz has pushed up gas prices in India, creating sustained pressure on global energy markets and domestic cooking gas availability. The situation underscores India's vulnerability to Middle East energy disruptions, with the country's reliance on imported LPG making it particularly exposed to geopolitical tensions in the region. Industry players expect the shift towards energy-efficient and alternative cooking solutions to continue as consumers increasingly look for reliable and cost-effective kitchen appliances.
