Business
Calls for ‘outright ban on absurd’ mid-contract telecoms price rises
Ofcom is facing calls for an “outright ban” on “absurd” mid-contract price hikes after the Government separately asked the regulator to revisit its rules on the practice.
The calls follow O2 unexpectedly announcing it was raising prices by £2.50 a month for existing customers.
On Monday, Technology Secretary Liz Kendall wrote an open letter to Ofcom bosses asking them to review mid-contract price rises again.
She wrote: “As we discussed when we met earlier this month, driving down inflationary costs and protecting consumers are vitally important for this government.
“As such, I welcome both the action you took in January to increase transparency on how in-contract prices are presented in new contracts, and your statement yesterday expressing disappointment with O2’s price rises.
“I strongly agree they are against the spirit of your previous changes on pricing, and all the more disappointing given the current pressures on consumers.”
She added: “Nevertheless, I believe we need to go further, faster. I am keen that we look at in-contract price rises again.”
Ofcom has been given until November 7 to respond to Ms Kendall’s letter.
Ofcom said: “We share the Government’s concern that customers who face price rises must be treated fairly by mobile providers and they are empowered to exercise their right to switch penalty-free if they didn’t agree to them upfront.
“We will respond to the Secretary of State’s specific queries shortly.”
O2 said in a statement: “We appreciate that price changes are never welcome, but we have been fully transparent with our customers about this change, writing directly to them and providing the right to exit without penalty if they wish.”
Ofcom introduced new rules in January to crack down on phone and broadband providers increasing prices in the middle of a contract without warning.
But last week, O2 announced it would be raising its monthly prices by more than originally promised.
It was able to do this because the increase was not linked to inflation, and it has given customers 30 days to leave without penalty providing they continue to pay off the cost of their device.
O2 said it has not gone against the regulation and Ofcom’s rules do not stop providers from raising prices.
The firm said: “A price increase equivalent to 8p per day is greatly outweighed by the £700 million we invest each year into our mobile network, with UK consumers benefitting from an extremely competitive market and some of the lowest prices compared to international peers.”
Alex Tofts, broadband spokesman from comparison site Broadband Genie, said: “What we’re seeing from O2 and price rises from other major providers is a direct result of crude regulation that has been poorly thought out, with its implications not given enough consideration.
“The only real way to protect customers is to outright ban these absurd mid-contract price hikes. Some providers already offer fixed prices, so why can’t those with the biggest profit margins do the same?
“We fully back the call for Ofcom to revisit these regulations. Until then, we urge all consumers to check whether they’re still in contract.
“To be fair to Ofcom, the broadband switching process has become much easier thanks to the One Touch Switch system. One-in-three households are currently free to switch, and with many providers offering competitive new-customer discounts, now could be the best opportunity to protect your budget before further price rises take effect.”
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Indian equities paused on Wednesday after the previous session’s sharp surge triggered by the India–US trade agreement
Stock Market Today.
Sensex Today: Indian equities paused on Wednesday after the previous session’s sharp surge triggered by the India–US trade agreement. The pact, which reduced US tariffs on Indian goods to 18 per cent from 50 per cent, had buoyed sentiment and removed a major overhang, but markets turned cautious as traders booked profits.
A decline in information technology stocks further weighed on the mood.
At the open, the BSE Sensex was around 83,430, down 309 points or 0.37 per cent, while the Nifty 50 stood at 25,663, lower by 65 points or 0.25 per cent.
Broader markets also traded in the red, with the Nifty MidCap index slipping 0.48 per cent and the Nifty SmallCap index easing 0.18 per cent.
The Nifty IT index tumbled more than 5.5 per cent, led by losses in Persistent Systems, LTIMindtree, Infosys, HCL Tech, Coforge, TCS, Mphasis and Tech Mahindra.
Global cues
US markets ended lower overnight as investors rotated out of technology stocks into sectors more closely tied to economic recovery. The Dow Jones slipped 0.34 per cent, the S&P 500 declined 0.84 per cent, and the Nasdaq fell 1.43 per cent at the close.
Asian markets were mixed in early trade on Wednesday amid the absence of strong triggers. China’s CSI 300 index dropped 0.29 per cent, Hong Kong’s Hang Seng edged down 0.05 per cent, and Japan’s Nikkei lost 0.61 per cent. In contrast, South Korea’s Kospi rose 0.54 per cent.
In commodities, spot gold gained over 1 per cent to $5,002 per ounce, while spot silver advanced 0.69 per cent to $85.70 per ounce.
On the macro front, investors await the release of S&P Global/HSBC composite and services PMI final data for January from both India and Japan.
February 04, 2026, 09:13 IST
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Business
Top stocks to buy today: Stock recommendations for February 4, 2026 – check list – The Times of India
Stock market recommendations: According to Mehul Kothari, DVP – Technical Research, Anand Rathi Shares and Stock Brokers, the top stocks to buy today (February 4, 2026) are Indian Oil Corporation, Tata Elxsi, and IFCI. Let’s take a look:IOC – Trendline Breakout with Indicator ConfirmationBuy: ₹165–₹163 | Stop Loss: ₹159 | Target: ₹172Indian Oil Corporation (IOC) has formed a strong base near its 100-DEMA, which has acted as a reliable dynamic support in recent sessions. The stock has also delivered a decisive trendline breakout, indicating a potential shift in short-term momentum.On the indicator front, a bullish MACD crossover is visible, signalling strengthening upside momentum. The Stochastic Oscillator has reversed higher near the 30 zone without entering deep oversold territory, suggesting improving price strength and underlying buying interest.The confluence of 100-DEMA support, trendline breakout, MACD bullish crossover and stochastic reversal points towards a constructive setup with scope for further upside if the breakout sustains.TATA ELXSI – Alligator Breakout with Bullish MomentumBuy: ₹5,500–₹5,400 | Stop Loss: ₹4,900 (closing basis) | Target: ₹6,275 & ₹6,550 (1–3 months)TATA ELXSI has closed decisively above the Williams Alligator indicator, confirming a fresh uptrend and improvement in overall price structure.Momentum indicators remain supportive, with DMI in bullish mode (+DI above −DI), indicating strengthening buying pressure and positive directional movement. Additionally, the MACD sustaining above the zero line reflects strong trend momentum and increases the probability of continued upside.This combination of Alligator breakout, bullish DMI structure and positive MACD trend suggests a trend-continuation setup with scope for further upside in the coming weeks.IFCI – Alligator Breakout & Retest ConfirmationBuy: ₹56–₹50 | Stop Loss: ₹46 (closing basis) | Target: ₹63.5 & ₹67 (1–3 months)IFCI has closed decisively above the Williams Alligator indicator and has successfully completed a retest of the breakout zone, confirming continuation of the emerging uptrend and strengthening bullish structure.The DMI has turned positive (+DI above −DI), indicating buyers are in control and directional momentum is favouring the upside. The MACD sustaining above the zero line further supports positive trend momentum and enhances the probability of further upside movement.The alignment of price breakout, retest confirmation and bullish indicators suggests a constructive medium-term setup with favourable risk-reward.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
Younger and entry-level workers are being squeezed the hardest by higher employment costs slowing the rate that firms are hiring, new analysis shows.
Some UK businesses have seen the cost of employing workers rise on the back of recent policy measures, including tax and minimum wage increases and reforms to employment rights, the National Institute of Economic and Social Research (Niesr) said in its latest economic outlook.
These factors have raised the marginal cost of hiring by around 7%, in real terms, for an entry level position, according to its findings.
Niesr warned that sectors most exposed to cost increases were experiencing a bigger impact, pointing to data showing a link between exposure to the national minimum wage and rising unemployment.
This includes typically lower-paid industries such as hotels, hospitality and food chains, which also have a greater concentration of younger and early-career workers.
Its analysis found that, rather than cutting existing jobs, many firms have chosen to slow the rate that they hire staff.
Therefore younger workers and those “at the margins of the labour market” are being disproportionately squeezed, the think tank said.
Official figures at the end of last year showed that the unemployment rate rose to its highest level since early 2021 over the three months to September.
The Office for National Statistics (ONS) said that young people especially were struggling in the tougher hiring climate, with an 85,000 increase in those unemployed aged between 18 to 24 in the three months to October – the biggest jump since November 2022.
The number of young people not in employment, education or training – so-called Neets – has been rising since 2021, and hit the highest level since 2014.
In its report, Niesr said it was “hard to escape the conclusion that the rising cost of labour has deterred full-time job creation, particularly for younger workers”.
Lord Frost, director general of the Institute of Economic Affairs, said the findings “laid bare the costs of the Government’s national insurance and minimum wage hikes, and Employment Rights Act: a spike in the cost of hiring entry-level workers, meaning fewer jobs and opportunities for young people”.
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