Centre secures 1 mt LPG from US to bridge West Asian supply gap

by Hansraj Agrawal | Mar 10, 2026 | Business

The LPG deficit was around 40 very large gas carriers (VLGCs), of which arrangements have been made for the supply of 20 VLGCs, said a source

The government has arranged around one million tonnes (mt) of liquefied petroleum gas (LPG) cargoes, mostly from the US, to meet demand for the key cooking fuel used by more than 330 million consumers.

The proactive measures have accompanied top-level parleys on the emerging situation between Prime Minister Narendra Modi and senior Cabinet Ministers, including Finance Minister Nirmala Sitharaman, Petroleum Minister Hardeep Singh Puri, Commerce Minister Piyush Goyal and Foreign Minister S Jaishankar. The Prime Minister reportedly asked the ministers to coordinate and ensure that consumers do not suffer from the impact of the West Asia conflict on the supply and price of petroleum products, especially LPG, sources said

Import Dependence

India consumed over 33 mt of LPG in FY25, with more than half of the demand met through imports. West Asia accounted for nearly 90 per cent of India’s total LPG imports, which stood at 20.67 mt. Besides, it produced 12.79 mt during the year. Regular supplies of LPG are important for India as the country does not have strategic reserves for the key cooking fuel.

“The LPG situation is getting more comfortable as production is being ramped up. Besides, we have been out in the market sourcing as much as we can,” said a top government source.

India has also been seeking to boost imports from the US and Canada. Another source said that the LPG deficit was around 40 very large gas carriers (VLGCs), of which arrangements have been made for roughly 20 VLGCs. The cargoes are expected to arrive at Indian ports from the end of this month.

A single VLGC can carry up to 50,000 tonnes of LPG. A back-of-the-envelope calculation shows that the LPG deficit was around 2 mt, of which cargoes for roughly 1 mt have been arranged.

Anticipating disruption in domestic LPG supply, the government has been prioritising LPG production. For instance, India invoked emergency powers last week, directing refiners to maximise production of the critical cooking fuel.

Based on data from the Petroleum Planning and Analysis Cell (PPAC), India’s average per day production of LPG stood at around 34,613 tonnes in October 2025, which fell to 34,533 tonnes in November. However, the output rose to 35,968 tonnes in December 2025 and further to 37,355 tonnes in January this year. February 2026 numbers are yet to be published.

For the entire 2025 calendar year, India per day average LPG production stood at around 38,099 tonnes.

India also invoked the Essential Commodities Act late on Monday night to regulate natural gas supply. The order prioritises the supply of natural gas to the Domestic Piped Natural Gas supply (D-PNG), Compressed Natural Gas (CNG) for transport, LPG production, as well as pipeline compressor fuel and other essential pipeline operational requirements.

Published on March 10, 2026

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Bank of Baroda launches exclusive “Sapphire” savings account for women

by Hansraj Agrawal | Mar 10, 2026 | Business

Bank of Baroda (BoB) has launched an exclusive savings account for women – the bob Women Sapphire Savings Account, offering health and wellness benefits including a ₹10 lakh cancer care coverage plan, complimentary online doctor consultations for up to six family members and concessions on medicines & pathology tests. The monthly average balance for this account is Rs. 1 lakh.

The account comes with the bob Bhoomi RuPay Select Debit Card that provides lifestyle privileges such as access to domestic airport lounges, complimentary gym membership, health check-up, spa/salon session and OTT subscriptions, the public sector bank said in a statement.

Account holders will also receive a 50 per cent first-year fee waiver in the form of reward points on the BOBCARD Tiara Credit Card, a premium, women-centric credit card, it added.

Further, bob Women Sapphire Savings accountholders will get concession on locker charges and a 50 per cent waiver on home loan processing charges, among others.

Debadatta Chand, Managing Director & CEO, Bank of Baroda said, the new Savings Account reflects the Bank’s commitment to creating meaningful, women-centric financial solutions.

“...Our aim is to address the evolving aspirations of women, while strengthening our engagement with the growing high-value women’s deposit segment,” he said.

Published on March 10, 2026

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PSBs mopped up over ₹28,000 cr in 5 yrs through selling third party financial products

by Hansraj Agrawal | Mar 10, 2026 | Business

Finance Minister Nirmala Sitharaman recently asked the banks once again to focus on core business while saying that they are spending more time on selling insurance than core business

Public sector banks earned over ₹28,600 crore in five years through selling of third party financial products, Finance Ministry’s data presented in the Rajya Sabha on Tuesday showed. Such products include insurance (life and non-life), mutual funds, credit cards, demat accounts.

This data is critical as Finance Minister Nirmala Sitharaman recently asked the banks once again to focus on core business while saying that they are spending more time on selling insurance than core business. This trend is also referred to as mis-selling.

In a written reply, Minister of State in Finance Ministry Pankaj Chaudhary said that as per the Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) Directions, 2025, commercial banks, including public sector banks (PSBs) are permitted to act as an agent of a third-party product or service provider, to facilitate the sale of the latter’s financial products or services (e.g., insurance, mutual fund, pension fund, etc.) to its own customers.

The Minister presented public bank-wise data, which showed SBI was top earner followed by Punjab National Bank, Canara Bank, Bank of Baroda and Union Bank of India during last five years.

Furthermore, Chaudhary said the RBI has recently issued draft directions under Reserve Bank of India (Commercial Banks – Responsible Business Conduct) Amendment Directions, 2026. These contain comprehensive instructions to all commercial banks, including, inter-alia, to ensure that their policies and practices neither create incentives for mis-selling nor encourage employees to ‘push’ the sale of products, along with to ensure that no incentive is directly/indirectly received by the employees engaged in marketing/sales of third-party products from the third-party.

“The Draft Directions also seeks commercial banks to put in place a comprehensive policy for marketing and sales of their own/ third-party financial products, while covering aspects related to criteria for determination of suitability and appropriateness of products offered to customers, and having a robust feedback mechanism,” he said. After consultation with stakeholders, the final directions will be issued.

Last month, complaints about more focus on selling other products drew ire from Sitharaman. “Banks should concentrate on their core business. My pet peeve has always been, you’re spending more time on selling insurance when it is not required, and conveniently, it fell between two stools (of RBI and IRDAI),” she said while addressing a press conference after customary post-Budget address to the central board of the RBI.

She expressed satisfaction over RBI’s draft proposal on checking the mis-selling. “The message should go to the banks that you cannot afford to mis-sell. Mis-selling is an offence,” she said. “Why should a customer asking for home loan with collateral, why should he take another insurance cover? Glad that RBI clarified to banks that they cannot mis-sell,” she added.

Published on March 10, 2026

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30% cut in natural gas supply to fertilizer firms may affect urea output

by Hansraj Agrawal | Mar 10, 2026 | Business

The Indian government on Tuesday informed Parliament that sale of urea in the current rabi season (October-March) was 186.33 lakh tonnes (lt) as of March 5 against the demand estimate of 183.51 lt for the same period, leaving a stock of 49.01 lt. Since the government has announced 30 per cent cut in supply of natural gas, the key feedstock to produce urea, it is feared that the opening stock of the nitrogen fertilizer on April 1 may be low, unless supplemented by imported fertilisers.

The demand estimate of urea for the entire March is 14.95 lt, against which the government said that the stock was 61.51 lt as of March 10, against 50.90 lt a year ago. It had also said that urea stock was 59.30 lt as of March 6.

To maintain a continuous supply of all categories of subsidised fertilizers, the Department of Fertilizers said that it has already managed essential shipments. As of February 2026, the government imported 98 lt of urea, with an additional 17 lt scheduled in the pipeline over the next three months. This proactive approach serves as a testament to the government’s commitment to protecting the interests of the farming community amidst global turmoil, it said.

2nd priority

In March 2025, the domestic production of urea was 24.78 lt and after the announcement of 70 per cent supply of gas, the production is likely to be lower and it may drop to as low as 18 lt, said an industry expert.

The Ministry of Petroleum and Natural Gas on March 9 issued an Order under the Essential Commodities Act “to regulate production, sector-wise allocation and diversion of natural gas supplies, distribution, disposal, acquisition, use or consumption of natural gas, including LNG and re-gassified-LNG.”

Under the Order, fertilizer sector will be second priority in allocation of gas after LPG and PNG (for cooking purpose) and CNG (for transport).

“The supply of natural gas to the fertilizer plants shall ensure 70 per cent of their past six month average gas consumption, subject to operational availability, provided that the units shall not use the gas supply for any other purpose except in the production of fertilizers and a certificate to this effect shall be furnished to the Petroleum Planning and Analysis Cell through the Ministry of Fertilizer. Allocation to a particular unit may not be diverted to any other unit,” the Order said.

Ample availability

In reply to a question in the Rajya Sabha, Chemicals & Fertilizers Minister Jagat Prakash Nadda said that the situation in di ammonium phosphate (DAP), muriate of potash (MOP) and complex (combination of N, P, K nutrients) is better due to lower sales than demand.

Sales of DAP were 50.28 lt against the demand estimate of 51.38 lt during October 1 2025-March 5 2026, leaving a stock of 21.61 lt. Similarly, sales of MOP were 10.18 lt against 14.18 lt demand and those of complex were 62.90 lt against 76.48 lt demand. The stock of MOP was 8 lt and complex 45.51 lt as of March 5.

The government said that the availability of urea, DAP, MOP and complex remained adequate to meet agricultural demand during the ongoing Rabi 2025–26 season, from 01 October 2025 to 05 March 2026, and the country continues to maintain a comfortable stock position.

The Centre also said that while the Department of Fertilizers ensures availability at the State level, distribution of the crop nutrients within the state is managed by the respective State governments.

Published on March 10, 2026

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Mutual fund equity inflows rise 8 per cent in February as investors buy more units

by Hansraj Agrawal | Mar 10, 2026 | Business

AMFI CEO Venkat Chalasani expects SIP contributions to rebound in March, indicating sustained investor confidence despite short-term fluctuations.
| Photo Credit:
lakshmiprasad S

Equity inflows into mutual fund schemes increased 8 per cent last month to ₹25,978 crore, up from ₹24,029 crore in January, as investors used the market fall to accumulate more units.

Flexi and mid-cap funds continued to attract the highest inflow of ₹6,925 crore (₹7,672 crore) and ₹4,003 crore (₹3,185 crore), according to the Association of Mutual Funds of India data released on Tuesday.

However, SIP inflows dropped sharply to ₹29,845 crore from ₹31,002 crore in January, as MFs lost four days of debit mandate in February.

Venkat Chalasani, Chief Executive, AMFI said besides having less number of days, February 28 was bank holiday and the instalments slated for last 4 days of last month will now be accounted in March.

“The trend in February was similar in last two-three years and we expect SIP to bounce back in March despite the prevailing market conditions,” he added.

On Sebi decision to discontinue Children and Retirement funds, Chalasani said that AMFI has made a representation with Sebi on difficulty in closing the schemes with ‘immediate effect’ and hence the closure was extended to March-end.

“We will make another representation with Sebi on hardship the investors will face on closure of these two schemes and wait for the regulator to take final decision,” he added.

Both Children Fund and Retirement schemes have folio count of 62.86 lakh and attracted an inflow of Rs 247 crore and AUM was at Rs 57,663 crore as of February-end.

Hybrid schemes attracted lower investment of 31 per cent Rs 11,983 crore (Rs 17,356 crore), largely due to fall in multi-asset schemes inflow at Rs 8,476 crore (Rs 10.485 crore).

Gold ETFs attracted less investment of Rs 5,255 crore (Rs 24,040 crore) while silver ETFs recorded a net outflow of Rs 826 crore (inflow of Rs 9,463 crore).

Suranjana Borthakur, Head of Distribution & Strategic Alliances, Mirae Asset Investment Managers (India) said investors continued to show tremendous confidence in the markets despite ongoing geopolitical tensions, reflecting a growing maturity in their investment mindset.

Valuations in the broader markets have also moderated somewhat, which appears to be strengthening investor confidence in their long-term prospects, he added.

Nehal Meshram, Senior Analyst – Manager Research, Morningstar Investment Research India said despite the moderation, the inflows into gold ETFs reflect continued investor interest in gold-backed products.

While the fall in inflows was likely due to profit-booking, Meshram said it remained firmly positive, underscoring gold’s enduring appeal amid heightened market volatility and ongoing geopolitical risks.

Published on March 10, 2026

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Broker’s call: Ambuja Cements (Buy)

by Hansraj Agrawal | Mar 10, 2026 | Business

Target: ₹680

CMP: ₹462.30

We interacted with Ambuja Cements’ management during a visit to its Sanghipuram plant arranged by the company. The Management highlighted that overall demand momentum remains healthy which has aided cement price recovery. Opex is also expected to reduce q-o-q driving margin stabilisation. Focus remains on profitable growth over aggressive organic expansion, achieving cost reduction targets and selling more premium cement.

During the Sanghipuram plant visit, management showcased the ongoing plant infrastructure revamp which is reducing the plant opex (more in the offing) and also noted its potential to double the plant capacity in near future. We remain positive on Ambuja, which we expect to deliver about 100-200 bps volume growth ahead of the industry each year over FY26-28E, accompanied by a gradual margin improvement driven by opex reduction.

We trim our EBITDA estimates for FY26/27/28E by 2/5/6 per cent, owing to two factors: about 2 per cnet reduction in our volume CAGR assumption, and lower margin estimates to account for an expected rise in fuel costs. We also trim our capex outgo estimates for FY26-28E to ₹33,200 crore from ₹37,000 crore earlier, as we build in a slower pace of capacity additions given management’s stated focus on margins over aggressive expansion.

We maintain Buy with a revised target price of ₹680/share (16.5x its Mar’28E consolidated EBITDA). Previous target price was ₹700.

Published on March 10, 2026

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