Stove Kraft shares rose 3.7% on Wednesday, defying the broader market sentiment, as investors are weighing the impact of rising fuel prices on induction companies.
The stock was trading at Rs 804.95 apiece, gaining 23.15 points on the NSE around 12:30 pm today, while the Nifty 50 was down by 0.83% to 24,195.
Earlier in February and March, induction companies' share prices rallied significantly due to a shortage of LPG cylinders. Investors are fearing the same as fresh tension escalated between the US and Iran last night.
Also Read | TTK Prestige, Butterfly Gandhimathi, Stove Kraft Shares Jump Up To 15% — Here's Why
Why Stove Kraft Stock is Rallying?
The stock price of Stove Kraft, the company behind popular Indian kitchenware brands like Pigeon and Gilma, has been rising today as investors are anticipating an increase in demand for induction cooktops again as fuel prices surge.
With the US launching a series of "offensive" airstrikes hitting over 80 Iranian targets, and Iran retaliating with immediate attacks on commercial transit vessels in the Strait of Hormuz, crude prices have lost all their cool again. Both Brent crude and WTI crude per barrel prices already increased over 3% in intraday trade today.
During February and March, when the US-Iran war started, the stock price of Stove Kraft increased nearly 10%, from Rs 492 as on 30 Jan. 2026 to as high as Rs 541.3 on 11 Mar. 2026.
Consumers rushed to buy induction cooktops during the period as LPG cylinders were in short supply. While the shortage was real, consumers panicked heavily, leading to a massive jump in induction sales during the period. Retail sellers reported a sharp rise in demand for induction cooktops as a backup option for cooking.
Investors weighed the rising demand and the stock prices surged on the hope of stronger quarterly earnings for the appliance maker.
Stove Kraft reported a 12.9% year-on-year rise in its quarterly sales for the quarter ended on 31 March 2026, while profit jumped by almost 50% year-on-year.
Apart from today's rise, Stove Kraft shares have been gaining steadily over a long period. The stock has risen over 36% in the past year, and in the past month, gained almost 29%.
Also Read | US-Iran War: Stovekraft To Double Output Amid Induction Surge Despite Cost Pressures, Says MD
Other Developments at Stove Kraft
On July 2, the company appointed Chandru Kalro as an additional director at the company with the designation of cice chairperson. He has experience of over 35 years in the consumer durable industry and played a pivotal role in strengthening the market position of TTK Prestige before joining Stove Kraft.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.