Business
Energy giants told to pass on £150 discount to customers
The Government has instructed energy companies to ensure that customers on fixed tariffs also benefit from the £150 reduction in household bills, a measure announced in the recent Budget.
Chancellor Rachel Reeves confirmed her intention to lower energy costs and alleviate the cost of living, with an average household bill set to decrease by £150 from April.
This saving, Ms Reeves explained, would be achieved by abolishing the Energy Company Obligation (Eco) scheme, which she asserted had burdened households with an additional £1.7 billion annually.
Energy Secretary Ed Miliband formally wrote to energy firms on Wednesday, urging them to extend the benefit of this reduction to consumers currently on fixed energy tariffs.
These tariffs guarantee a consistent unit rate and standing charge for the duration of the agreed contract, typically a year or longer.
In contrast, those on standard variable tariffs experience fluctuating rates, which adjust according to wholesale market costs paid by suppliers, without a set timeframe.
In his letter, Mr Miliband wrote: “This Government has made a clear commitment to cut people’s bills and help ease the financial pressure on millions of families, as we know energy costs cause such anxiety for many people, and that is why we are acting now.
“As we move forward, we want to set out our clear expectation that every single penny of our intervention at this Budget is passed on to consumers, including those on existing fixed term tariffs.
“Around 37% of the market is now on a fixed term tariff and Government is clear that they must benefit from this reduction in bills.
“We urge you to continue to work with our department to ensure that this happens.
“This close, joint working will be both welcomed and reassuring for customers, demonstrating our shared commitment to fairness and consumer protection.
“Thank you once again for your partnership and for your efforts to ensure that these positive changes reach every household.”
According to latest Ofgem figures, around 21 million domestic customers’ energy accounts are on fixed tariffs, while around 34 million remain on standard variable tariffs.
Ned Hammond, deputy director of customer policy at Energy UK, which represents suppliers, said: “The energy industry has long called for Government action to reduce costs, having seen directly how many households are struggling to afford their energy bills and with customer debt at record levels.
“So last week’s Budget announcement was very welcome and suppliers will of course look to pass on the savings. However, it’s also expected that there will be some new costs added to bills over the coming months.
“While most customers remain on the price cap, where the amount they pay for energy is set by Ofgem, suppliers also set their own fixed tariffs to compete on price with each other and so have every reason to pass on any cost savings with these.”
Business
Stock market today: Which are the top losers and gainers on March 6- check list – The Times of India
Benchmark equity indices Sensex and Nifty fell sharply on Friday, retreating by more than 1 per cent after a brief recovery in the previous session as escalating tensions in West Asia and surging crude oil prices weighed on investor sentiment.The 30-share BSE Sensex declined 1,097 points, or 1.37 per cent, to close at 78,918.90. During the session, it had plunged 1,203.72 points, or 1.50 per cent, to 78,812.18. The NSE Nifty dropped 315.45 points, or 1.27 per cent, to settle at 24,450.45.
Nifty50 top gainers
- Bharat Electronics (1.84%)
- Reliance Industries (1.11%)
- ONGC (0.95%)
- Sun Pharma (0.84%)
- NTPC (0.68%)
- Hindalco (0.42%)
- HCL Tech (0.20%)
- Infosys (0.20%)
- Bajaj Auto (0.12%)
- Nestle India (0.12%)
Nifty50 top losers
- ICICI Bank (-3.26%)
- Eternal (-3.16%)
- Shriram Finance (-3.08%)
- Axis Bank (-2.47%)
- UltraTech Cement (-2.45%)
- Kwality Wall’s (-2.42%)
- InterGlobe Aviation (-2.41%)
- Adani Enterprises (-2.36%)
- HDFC Bank (-2.36%)
- HDFC Life (-2.31%)
BSE Sensex top gainers
- Bharat Electronics (1.84%)
- Reliance Industries (1.11%)
- Sun Pharma (0.84%)
- NTPC (0.68%)
- HCL Tech (0.20%)
- Infosys (0.20%)
BSE Sensex top losers
- ICICI Bank (-3.26%)
- Eternal (-3.16%)
- Axis Bank (-2.47%)
- UltraTech Cem. (-2.45%)
- Kwality Wall’s (-2.42%)
- InterGlobe (-2.41%)
- HDFC Bank (-2.36%)
- SBI (-2.27%)
- Bajaj Finserv (-2.25%)
- L&T (-2.21%)
The decline came as Brent crude, the global oil benchmark, jumped 2.53 per cent to $87.57 per barrel, raising concerns about inflation and macroeconomic stability.“Indian equity markets extended their decline following the prior session’s relief rally, as escalating US-Iran tensions disrupted key Middle Eastern oil and gas supplies, driving crude prices higher. A sustained rise in oil prices could weigh on investor sentiment and adversely affect India’s twin deficits, inflation trajectory, and the RBI’s monetary stance,” said Vinod Nair, Head of Research, Geojit Investments Ltd, PTI quoted.Elsewhere in Asia, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended higher.European markets, however, were trading in the red, while US markets ended lower on Thursday.Foreign Institutional Investors (FIIs) sold equities worth Rs 3,752.52 crore on Thursday, while Domestic Institutional Investors (DIIs) purchased stocks worth Rs 5,153.37 crore, according to exchange data.On Thursday, the Sensex had rebounded 899.71 points, or 1.14 per cent, to settle at 80,015.90, snapping its four-day losing streak. The Nifty had climbed 285.40 points, or 1.17 per cent, to close at 24,765.90, ending its three-day decline.
As the US and Israel continue strikes on Iran, and with retaliatory strikes hitting nearby Middle East states, key shipping routes are being disrupted. Oil and gas production in the region is also being affected.
The BBC’s Nick Marsh examines how the war could cause a rise in living costs around the world.
Business
Stock Market Updates: Sensex Tanks 1,100 Points, Nifty Tests 24,450; India VIX Jumps Over 11%
Last Updated:
The Nifty50 and the Sensex declined at open amid weak global cues.
Sensex Today
Indian benchmark equity indices extended their losses in a volatile trading session on Friday as investors remained cautious amid escalating tensions in West Asia linked to the US-Iran conflict.
As of 3:19 PM, the Nifty50 was trading 1.21 per cent or 300 points down at 24,465, and the Sensex was trading 1,136 points or 1.42 per cent down at 78.879.
Market volatility spiked during the session, with the India VIX rising as much as 11.31% to 19.88.
Among Nifty50 constituents, InterGlobe Aviation, ICICI Bank, and Max Healthcare Institute were the top losers. On the other hand, Bharat Electronics Limited, Reliance Industries, and NTPC Limited were among the top gainers.
Broader markets also traded lower, with the Nifty Midcap 100 and Nifty Smallcap 100 declining 0.47% and 0.06%, respectively.
On the sectoral front, the Nifty IT Index was the only major gainer, rising 0.34% on the back of gains in Persistent Systems and Infosys.
Meanwhile, the Nifty Realty Index emerged as the worst-performing sector, falling nearly 2%, dragged down by losses in Godrej Properties, The Phoenix Mills, and Prestige Estates Projects.
The Nifty Private Bank Index and Nifty Financial Services Index were also among the major laggards during the session.
Global cues
Most markets across the Asia-Pacific region traded in the red as crude oil prices climbed amid rising concerns over supply disruptions linked to the escalating conflict involving the United States, Israel, and Iran.
In Asia, mainland China’s CSI 300 Index slipped around 0.1%, while South Korea’s Kospi Index declined 1.6%.
Overnight on Wall Street, the S&P 500 fell 0.57%, while the Dow Jones Industrial Average dropped 1.61%. The Nasdaq Composite ended 0.26% lower.
Market uncertainty also intensified after Letitia James and attorneys general from 23 US states reportedly filed another lawsuit seeking to block tariff measures announced by Donald Trump.
Oil and gold prices
Oil prices surged as traders remained concerned about potential supply disruptions. According to a Reuters report, Brent crude futures rose nearly 5% to $85.41 per barrel in the previous session.
During the Asian trading session, Brent Crude Oil was trading 0.15% higher at $84.16 per barrel.
Meanwhile, safe-haven demand pushed Gold Futures up 1.34% to $5,146.39, supported by ongoing geopolitical tensions.
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March 06, 2026, 09:20 IST
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