LPG shortage forces India to look west—all the way to Africa
Indian Oil, BPCL, HPCL and GAIL India are in early talks with Angola’s Sonangol to lock in supplies amid an LPG shortage at home.
With the Strait of Hormuz effectively shut amid the Iran war, India is scrambling to secure cooking gas and LNG supplies. State-run giants Indian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd. (BPCL), Hindustan Petroleum Corp. Ltd. (HPCL) and GAIL (India) Ltd. are now in early talks with Angola’s Sonangol to lock in supplies.
This isn’t just another trade discussion. It’s a sign of how fragile global energy routes can be. India imports nearly 60% of its LPG and half of its natural gas needs, with West Asia doing the heavy lifting. Now, with up to 90% of LPG imports disrupted, the pressure is real and immediate.
Angola could offer a quicker alternative compared to distant markets like the US, but possibly at a higher cost. Still, diversification is no longer a choice, it’s a necessity. Read the full report by Rituraj Baruah.
In today’s edition of Top of the Morning:
- Airtel seeks fairer math for AGR
- F&O expiry to test Sensex, Nifty today
- SBI Mutual Fund’s IPO moment
THE MAIN STUFF
Airtel’s ₹10,000 crore AGR reality check: Bharti Airtel Ltd. is set to pay around ₹10,000 crore in AGR dues by end of March—just the first instalment of a much larger burden. But this isn’t just about writing a cheque. Airtel is also pushing back, seeking a recalculation of its dues, on lines similar to Vodafone Idea Ltd., which recently got relief through reassessment.
With total AGR liabilities now exceeding ₹40,000 crore, even a small correction could significantly ease the pressure. The company argues it’s not asking for concessions, just a fair calculation. Read on.
More ethanol, less oil: With oil prices surging again, India’s ethanol story is back in focus. Blending has already hit 20%, a big leap from just 1% a decade ago, but producers now want more. Higher blending, flex-fuel cars.
Well, not so simple! More ethanol means more crops like sugarcane and maize, but also less pulses and oilseeds. Are we swapping fuel dependence for food risks? Yes, it cuts imports and emissions. But it may strain water, push farm shifts, and impact your grocery bill. Read on.
SBI Mutual Fund’s IPO moment: India’s largest fund house is finally heading to the markets. SBI Mutual Fund has filed for its IPO, and if all goes as planned, all top four mutual funds will soon be listed.
It’s a milestone, backed by massive scale and the strong parentage of State Bank of India. But despite leading in AUM, it lags peers in profitability and performance consistency. Which is due to a heavy tilt towards low-fee passive funds. Will size alone excite investors? Read more.
Expiry day market test: Monday could quietly decide where markets head next. As derivatives expire on the National Stock Exchange, traders face a key choice, take delivery of stocks or roll over positions.
Why does this matter? Because delivery signals conviction. It means investors believe prices may rise. But if positions are rolled over or squared off, it could hint at caution, or even fresh downside bets.
With the Nifty 50 already down nearly 9% amid rising crude prices and global tensions, sentiment is clearly fragile. Read more.
From local vets to luxe clinics: Walk into a modern pet clinic today, and it feels…different. Calmer lights, softer floors, even colours designed to reduce anxiety. Startups like Supertails are redefining how we care for pets, and how much we are willing to spend. Backed by investors and rising pet adoption, these chains promise 24X7 care and premium services. But they also create higher costs and pressure on neighbourhood vets. Read on.
NEWS IN NUMBERS
13.7 seconds: The margin by which 19-year-old Kimi Antonelli won the Formula 1 Japanese GP ahead of McLaren’s Oscar Piastri, securing his second consecutive victory.
7: The number of companies, including Central Mine Planning & Design, scheduled to list on the stock exchanges in the coming week.
₹1.14 trillion: The amount foreign investors withdrew from Indian equities in March, the highest ever in a single month, driven by Middle East tensions.
8: The number of co-founders who have left Elon Musk's xAI since January, marking near-total turnover in the company’s original founding team.
₹2.38 trillion: The value of weapons India has cleared for purchase, including additional Russian-made S‑400 missile systems, according to the country's Ministry of Defence.
12 tonnes: The approximate weight of the KitKat chocolate shipment stolen in Europe, equivalent to about 413,793 units, potentially causing shortages ahead of Easter.
2,000: The first batch of Prahar Light Machine Guns handed over by Adani Defence and Aerospace to the Indian military.
AROUND THE WORLD
LOUNGE RECOMMENDS
Why we celebrate chefs but ignore kitchen culture: In 2019, I had the chance to interview Heston Blumenthal for Lounge. The British chef, who owns the iconic three-star Michelin restaurant The Fat Duck in the UK, had earned the moniker of a “mad scientist” for his outlandish experiments with liquid nitrogen. It was the era of molecular gastronomy and smoke was a thing in fine dining. Read more.
WHAT THE FACT
A troubled genius was born: On this day in 1853, Vincent van Gogh was born, a name that would later redefine art.
Known for his vivid brushstrokes and emotional depth, his work captured both the beauty of nature and the turbulence within. But during his lifetime, he was largely unrecognised. Today, he stands among the greatest artists ever.
Edited by Vikram Kumar. Produced by Tushar Deep Singh.
Top of the Morning captures the latest in business news and stock market you need to know to start your day. Want this newsletter delivered to your inbox? Subscribe here.
About the Author
Shravani is a financial journalist with close to five years of experience in the industry, specialising in markets and audience-focused newsroom strategy. She is currently part of the subscription and engagement team at Mint, where she plays a key role in managing premium homepages across both the website and apps. Her work sits at the intersection of editorial judgment and reader behaviour, ensuring that high-quality journalism reaches the right audience in the most effective way.<br><br>At Mint, Shravani contributes to daily and weekly newsletters such as Top of the Morning, The Evening Brief, and Best of the Week, curating the best stories from Mint reporters. She is also closely involved in amplifying stories through notifications and social media, while actively contributing to product thinking and newsroom planning. Her role reflects a focus on bridging the gap between what the newsroom produces and what readers actively seek to consume.<br><br>Shravani began her journalism journey in 2020 after earning a diploma from the Indian Institute of Journalism and New Media (IIJNM), Bengaluru, backed by an academic foundation in Business Studies and Economics. She started her career at CNBC-TV18 in 2021, where her time on the ticker desk helped her develop a sharp understanding of speed, accuracy, and the demands of real-time financial news.<br><br>She later joined GoodReturns, where she played a role in repositioning the platform from a personal finance-focused website to a broader business news destination. After nearly a year and a half, she moved to Mint as a senior correspondent, where she has spent over a year deepening her understanding of newsroom dynamics and audience engagement, continuing to evolve as a journalist.
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