New Delhi: India’s oil marketing companies saw earnings weaken in the first quarter of FY27 after reporting strong profitability in FY26, due to marketing losses and high LPG under‑recoveries, a new report has said.

The gross refining margin has improved, high LPG under-recoveries eroded gains, the report from CareEdge Ratings said.

The three major OMCs faced combined under-recoveries of around Rs 13,700 crore in Q1FY27, post-adjusting for the compensation of Rs 7,500 crore, due to selling LPG below the market-determined price.

Total LPG under‑recoveries rose to around Rs 61,900 crore by June 30, 2026 from Rs 48,200 crore on March 31, 2026. The agency attributed the surge to unprecedented disruptions in the global LPG supply chain following the West Asia conflict and the closure of the Strait of Hormuz, which widened the gap between sourcing costs and retail prices.

Highlighting the global price surge, the report said that Saudi Contract Price, an international LPG benchmark, jumped from an average of $530 per MT in FY26 to $785 per MT in Q1FY27 — an increase of almost 50 per cent.

It has subsequently dropped to $592 per MT in July 2026 and $632 per MT in August 2026 with relative ease in the supply chain.

The firm said India, which imports about 60 per cent of its LPG, rapidly diversified sourcing away from West Asian suppliers to the United States and other markets, but incurred significantly higher landed cost

To partially offset the surge in LPG procurement costs during Q1FY27, domestic LPG prices were raised by Rs 89 per 14.2 kg cylinder.

LPG sourcing cost has reduced on the back of decline in Saudi CP price from July 2026. Consequently, the LPG under-recoveries are expected to fall by roughly 40 per cent sequentially in Q2FY27.

Mumbai, Aug 16: Five of India’s 10 most-valued companies together saw more than Rs 1 trillion (Rs 1 lakh crore) wiped off their market capitalisation last week as weakness in domestic equities weighed on investor sentiment, with Tata Consultancy Services (TCS) emerging as the biggest laggard.

The broader market remained under pressure during the week, with the Sensex falling 489.92 points, or 0.62 per cent, while the Nifty declined 204.65 points, or 0.83 per cent.

Among the top-10 valued firms, TCS recorded the sharpest erosion in market value. The IT major’s market capitalisation fell by Rs 34,263.28 crore to Rs 8.53 lakh crore.

Reliance Industries, the country’s most-valued company, also witnessed a substantial decline, with its valuation dropping by Rs 31,869.13 crore to Rs 17.70 lakh crore.

State Bank of India suffered the third-largest loss among the top firms, with its market capitalisation shrinking by Rs 25,891.88 crore to Rs 9.86 lakh crore.

HDFC Bank’s valuation fell by Rs 7,165.37 crore to Rs 11.21 lakh crore, while ICICI Bank lost Rs 2,792.65 crore in market value, ending the week with a valuation of Rs 10.18 lakh crore.

Despite the overall weakness, five companies in the top-10 pack managed to add a combined Rs 55,149.45 crore to their market capitalisation.

Life Insurance Corporation of India (LIC) led the gainers, with its market valuation rising by Rs 26,438.49 crore to Rs 5.23 lakh crore.

Bharti Airtel also posted strong gains, adding Rs 20,592.13 crore to take its valuation to Rs 12.43 lakh crore.

Bajaj Finance’s market capitalisation increased by Rs 3,548.79 crore to Rs 6.77 lakh crore, while Larsen & Toubro added Rs 2,490.66 crore, pushing its valuation to Rs 5.59 lakh crore. Hindustan Unilever’s market value rose by Rs 2,079.38 crore to Rs 4.91 lakh crore.

At the end of the week, Reliance Industries retained its position as India’s most-valued company, followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.

Ahmedabad, Aug 16: Gujarat Chief Minister Bhupendra Patel departed from Ahmedabad in the early hours of Sunday for a visit to the United States and Canada aimed at attracting global investment and inviting investors and industry leaders to the Vibrant Gujarat Global Summit 2027.

CM Patel is leading a high-level state delegation that will engage with investors, industry associations, emerging technology leaders and members of the Gujarati community during the overseas outreach.

The visit comes ahead of the summit scheduled for January 2027, with the state stepping up international engagement to showcase its industrial and economic opportunities.

The delegation will hold roundtable conferences and one-to-one meetings in Washington DC, New York and San Francisco in the US, followed by engagements in Toronto, Canada.

The meetings are intended to present Gujarat’s development and investment opportunities and extend invitations to participate in the Vibrant Gujarat Global Summit.

Chief Secretary M.K. Das; Additional Chief Secretary of Finance, T. Natarajan; Additional Chief Secretary of Industries and Mines, Mamta Verma; Principal Secretary to the Chief Minister, Sanjeev Kumar; and Additional Principal Secretary to the Chief Minister, Dr Vikrant Pandey; are accompanying CM Patel, along with representatives from the state’s trade and industry sector.

Officials said the delegation would particularly engage with investors and leaders in emerging technology sectors while also reaching out to the Gujarati diaspora.

The overseas meetings form part of Gujarat’s broader preparations for the 2027 summit, with international outreach programmes planned to build participation and investment interest.

The visit also marks the first official trip to the US by a sitting Gujarat Chief Minister since 1995, according to reports.

CM Patel’s tour is scheduled to cover the US and Canada from August 17 to 24.

The Chief Minister’s departure from Ahmedabad Airport was attended by officials including Collector Bhavya Verma, who extended their wishes for the visit.

The Vibrant Gujarat Global Summit, conceived in 2003, has developed into an international platform for business networking, investment and strategic partnerships. The next edition is scheduled for January 2027.