TTK Prestige, other domestic appliances' firms shares rise up to 14% following Iran attack on Qatar LNG plant: Here's why

Shares rise in trade. 

• Appliance stocks surged up to 14% due to LNG supply worries.
• Demand for induction cooktops and electric kettles surged sharply.
• Qatar's Ras Laffan LNG facility hit, disrupting gas supply.

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Shares of household appliances companies rose by up to 14 percent on Thursday, tracking a surge in demand for induction cooktops and electric kettles amid escalating tensions in West Asia.

Butterfly Gandhimathi Appliances, backed by Crompton, climbed 13.64 percent to touch an intraday high of Rs 673.95 per share on the NSE. The stock has risen for the past two trading sessions.

TTK Prestige shares gained 5.3 percent to an intraday high of Rs 503 per share on the NSE, after declining for four consecutive sessions earlier.

Stove Kraft advanced 6.65 percent to Rs 526 per share on the NSE, extending gains for the second straight session. Hawkins Cookers was also trading up by about 1 percent.

The rally in these stocks comes amid concerns over disruptions in liquefied natural gas (LNG) supplies after Qatar reported damage following an Iranian missile strike at Ras Laffan, the world’s largest LNG facility.

Ras Laffan is a key global export hub, and any disruption to its infrastructure could impact the availability and pricing of gas, affecting countries dependent on LNG imports.

Sales of induction cooktops and electric kettles has already surged in the wake of cooking gas supply concerns.

Qatari authorities said late Wednesday that Ras Laffan Industrial City, which houses the LNG facility accounting for about a fifth of global supply before production was halted earlier this month, was hit by an Iranian missile after four others were intercepted. Hours later, Abu Dhabi shut its Habshan gas facilities following debris from an intercepted strike.

Tata Group's Croma recently 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.

Industry players said they expect the shift towards energy-efficient and alternative cooking solutions to continue as consumers increasingly look for reliable and cost-effective kitchen appliances.

(With inputs from PTI)

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