Adani Total Gas emerged as the standout performer, ending the session locked in a 20% upper circuit. The rally followed the company’s announcement that domestic piped natural gas (PNG) and compressed natural gas (CNG) for transport have received priority allocation under a recent government order. Additionally, supply disruptions linked to the Middle East conflict have pushed up demand for alternative fuel sources. On similar lines, Gujarat Gas also ended the day more than 4% higher.
Meanwhile, Jindal SAW, a leading global manufacturer of iron and steel pipe products for the water industry, surged 20% after the government extended the Jal Jeevan Mission until 2028. The development lifted other pipe makers as well, with Apollo Pipes, Astral Limited, and Jain Irrigation Systems rising up to 9% on March 11.
Water pump manufacturers also witnessed strong buying interest following the mission’s extension. Stocks such as Shakti Pumps, Kirloskar Brothers, Roto Pumps, EMS Limited, Denta Water and Infra Solutions, Indian Hume Pipe Company, and Vishnu Prakash R Punglia rallied up to 20%. The increasing focus on operation and maintenance and utility-style management of water systems is expected to boost demand not just for new pumps but also for upgrades, replacements, and servicing of existing infrastructure.
Also read: Gas crisis impact: Stove Kraft, TTK Prestige, other stocks rally up to 15%; here’s why
Construction companies, including Kalpataru Projects International, KEC International, NCC Limited, Larsen & Toubro, Welspun Enterprises, PNC Infratech, Dilip Buildcon, Afcons Infrastructure, and VA Tech Wabag gained up to 5%. The extension of the Jal Jeevan Mission implies additional work in building and strengthening water supply infrastructure, including intake structures, treatment plants, transmission pipelines, storage reservoirs, and distribution systems.
Induction cooktop makers also defied the weak market sentiment. Shares of Stove Kraft, Butterfly Gandhimathi Appliances, and TTK Prestige surged 12%, 13%, and 11%, respectively, amid the gas crunch triggered by the Middle East conflict. In response to supply disruptions, Indian Railway Catering and Tourism Corporation (IRCTC) has reportedly directed catering units at railway stations in its western zone to shift to microwave and induction plates and maintain stocks of ready-to-eat food items for passengers.Consumer durable stocks, particularly air-conditioner makers, also saw modest gains as several parts of the country grapple with an early heatwave due to sharply rising temperatures. Shares of Voltas, Blue Star Limited, LG Electronics India, and Havells India advanced up to 3%. Earlier this week, news agency Press Trust of India reported that leading manufacturers have raised prices by 5%–15% across models, citing higher costs of key raw materials such as copper, a weaker rupee, rising freight expenses, and new energy-efficiency norms.
Also read: Adani Total Gas shares hit 20% upper circuit amid supply worries in India. Here’s why
On the flip side, the broader market remained under intense pressure, with 7 out of every 10 stocks in the NSE 500 witnessing sharp declines. Authum Investment & Infrastructure emerged as the biggest laggard, plunging nearly 8%, while Apar Industries and Colgate-Palmolive India dropped 6% and 5%, respectively. Shares of Bajaj Finance, KEI Industries, TVS Motor Company, Signature Global, Hyundai Motor India, Bajaj Finserv, and APL Apollo Tubes also slipped up to 4%.
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