TTK Prestige, Stove Kraft Jump as Oil Prices Spike Sparks Gas Fears

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AuthorKavya Nair|Published at:
TTK Prestige, Stove Kraft Jump as Oil Prices Spike Sparks Gas Fears
Overview

Household appliance makers TTK Prestige and Stove Kraft saw shares climb Thursday. Renewed gas supply concerns, triggered by Israel's strike on Iran's South Pars field and subsequent oil price surge, are fueling demand. Investors anticipate a surge in induction cooker purchases.

Geopolitical Tensions Escalate

Geopolitical tensions flared after Israel reportedly struck Iran's South Pars gas field. Iran then warned Gulf nations that energy facilities were now 'legitimate targets.' U.S. President Donald Trump confirmed Israel conducted the strike, noting it hit only a small section. This escalation immediately sent global oil prices sharply higher.

Appliance Shares Climb as Market Falls

Shares of household appliance makers TTK Prestige Ltd. and Stove Kraft Ltd. surged on Thursday. TTK Prestige stock rose as much as 5.3% to ₹503, while Stove Kraft climbed 6.6% to ₹526. Both companies saw their shares trade higher, though they pared earlier gains. This performance contrasted sharply with the benchmark Nifty50 index, which fell 2.3% in the session. Other sector players like Voltas, Whirlpool of India, and Bajaj Electricals traded lower.

Gas Concerns Boost Induction Cooker Demand

The jump in TTK Prestige and Stove Kraft shares is linked to renewed worries about gas shortages. Reports suggest consumers are increasingly turning to induction cookers from these companies. A sustained LPG supply disruption or higher LPG prices could significantly boost demand for appliance makers like TTK Prestige, known for its kitchen appliances, and Stove Kraft, a leader in hobs and cooktops.

India Secures Shipping Lanes

India has reportedly sent additional warships to the Gulf of Oman and the Arabian Sea to protect its vessels. Around 1.67 million tonnes of crude oil, 320,000 tonnes of LPG, and nearly 200,000 tonnes of LNG are currently stranded on 22 Indian-flagged ships waiting to pass through the Strait of Hormuz.

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