Shares of kitchen appliance companies Stove Kraft, TTK Prestige, and Butterfly Gandhimathi surged sharply on Thursday as a deepening global gas crisis triggered by Middle East tensions sparked a sudden spike in demand for alternatives like induction cooktops in India.
Stocks of Stove Kraft, TTK Prestige, and Butterfly Gandhimathi Appliances rallied as much as 14% after Qatar confirmed significant damage to Ras Laffan Industrial City—the world’s largest LNG facility—following Iranian missile strikes.
Butterfly Gandhimathi has soared almost 14% to its intra-day high of ₹674.20. Stove Kraft has jumped 6.4% to its day’s high of ₹525.75, meanwhile, TTK Prestige has added 4.5% to its day’s high of ₹500.
In comparison, Indian stock market benchmark indices Sensex and Nifty fell over 2% each after US Federal Reserve policy kept policy rates unchanged flagging inflationary risks.
LPG supply disruption
Qatar’s state-run energy company, QatarEnergy, said on Wednesday that fires caused by Iranian strikes on its main gas facility had resulted in “extensive damage,” following Tehran’s warning of retaliatory attacks on Gulf energy infrastructure.
Emergency teams were immediately deployed to contain fires at the facility, which were brought under control by early Thursday, with no casualties reported, it added. Ras Laffan, located 80 km north of Doha, is a major energy hub hosting several international companies.
Iran earlier issued an evacuation warning for several oil and gas facilities across Saudi Arabia, the UAE, and Qatar, including the Ras Laffan Refinery, stating they could be targeted in the “coming hours,” according to Iranian state media.
The escalation comes amid intensifying conflict in the region. Iran accused Israel of targeting its South Pars gas field and retaliated by launching missile strikes toward Qatar and Saudi Arabia, warning that energy infrastructure across the Gulf—including Saudi Arabia, the UAE, and Qatar—would be treated as legitimate targets.
The situation worsened as Abu Dhabi halted operations at its Habshan gas facilities due to falling debris from intercepted missiles, while LNG infrastructure in Bahrain was reportedly hit by heavy strikes. At the same time, shipments through the Strait of Hormuz—responsible for nearly 20% of global oil and LNG flows—have been severely disrupted. Production losses in the Middle East are estimated at 7% to 10% of global demand, equivalent to 7–10 million barrels per day.
Gas crisis in India fuels demand surge
The global supply shock has had a direct impact on India, the world’s second-largest LPG importer. Several restaurants across major cities have either run out of cooking gas or switched to limited menus requiring minimal fuel usage.
India is also grappling with a sharp rise in LPG prices due to supply disruptions. Domestic cooking gas prices have increased by ₹60 per cylinder, while commercial LPG prices have risen by ₹114.5.
Shortages have been reported in cities such as Mumbai and Bengaluru, with some restaurants warning of potential shutdowns due to inadequate fuel supply.
As per reports, India uses approximately 31.3 million tonnes of LPG each year. Around 87% of this consumption occurs in the domestic sector, specifically in household kitchens, while the remaining portion is utilized by commercial venues such as hotels and restaurants.
Out of the total demand, around 62% is fulfilled through imports. 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, as per reports.
