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JSW MG Motor Sees 90% Surge In Navratri Bookings: Sales Director

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JSW MG Motor Sees 90% Surge In Navratri Bookings: Sales Director


New Delhi: Lakshmi Subbaraj, Director of Sales at JSW MG Motor India, welcomed the New GST Reform 2025, noting that the company has witnessed a significant 90 per cent surge in bookings and retail sales during this year’s Navratri compared to the same festival period in the past two years.

“Many customers were waiting in anticipation ahead of September 21. The first day of Navratri saw a 90 per cent jump in both retail and bookings compared to two years ago,” Subbaraj said without sharing the numbers.

Shailesh Chandra, President, SIAM and MD, Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, said, “The start to this festive season has been extremely encouraging. The recent GST reduction and special festive offers have sparked an extraordinary wave of consumer interest and enthusiasm. In just the first two days, auto dealerships nationwide are witnessing unprecedented walk-ins, a surge in enquiries, and record deliveries across most segments.”

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“This remarkable momentum echoes the Hon’ble Prime Minister’s recent call to celebrate the festive season as ‘Bachat Utsav’ by purchasing products manufactured in India and emphasising that India’s prosperity will gain its strength from the Swadeshi mantra,” Chandra added.

Chandra further added that it is heartening to see families choosing this auspicious period to bring home new vehicles.

“Given the exceptional demand, customers considering a new vehicle should book early to ensure timely delivery. We are hopeful that this celebratory momentum will continue, making this festive season one of the most memorable for the industry and consumers alike,” he added.

The festive season began on a record-breaking note for the Indian automobile sector as Tata Motors and pre-owned car company CARS24 reported exceptional sales and customer activity on the first day of Navratri. The strong numbers came on the back of the recent GST 2.0 rate cuts, which have boosted consumer sentiment and reduced automobile ownership costs.

Tata Motors announced that it recorded 10,000 deliveries on Day 1 of Navratri, marking a historic achievement for the company. Along with the deliveries, Tata Motors also received 25,000+ enquiries on the same day, underscoring the strong demand and enthusiasm from buyers.

CARS24, India’s leading autotech platform, reported a 400 per cent jump in car deliveries by 2:00 pm on Day 1 of Navratri compared to daily averages. The company also recorded over 5,000 inspections in a single day, the highest in the last four years.

Meanwhile, Mahindra & Mahindra is expected to release its sales numbers on October 1, adding to the festive season performance picture for the automobile sector.



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Households to be offered energy bill changes, but unlikely to lead to savings

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Households to be offered energy bill changes, but unlikely to lead to savings


Kevin PeacheyCost of living correspondent

Getty Images A smart meter energy display on a kitchen surface with the screen saying £1.26 of energy has been used today. A woman in the kitchen is blurred in the background.Getty Images

Every household will be offered a low standing charge deal by the end of January, under new plans, but the cost of overall energy bills is unlikely to fall.

Regulator Ofgem has announced all suppliers in England, Scotland and Wales will offer at least one tariff in which standing charges are lower but customers then pay more for each unit of energy used.

The move comes after those who use relatively little gas and electricity argued they have no control over the fixed daily charges, which cover the cost of connecting to a gas and electricity supply.

However, consumer champion Martin Lewis said the policy was “disappointing” and charities warned it did not address the issue of high bills.

Standing charges pay for the cost of transporting energy to people’s homes, security of the supply, investment in the energy network and some bill support schemes.

From 1 October, the charges will typically cost 53.68p a day for electricity and 34.03p a day for gas for those paying by direct debit.

However, these fees vary depending on where billpayers live. In North Wales and Merseyside, the cost will be nearly 70p a day for electricity, for example.

Ofgem has been considering how to change the bill payments system after widespread concern and backlash from households.

When bills were at a peak in the winter of 2022, many people slashed their energy use but still had to pay the standing charge element of the bill, regardless of how much gas or electricity was used.

While Ofgem’s plans will enable customers to take up a deal where standing charges are lower, the savings are likely to be limited due to such tariffs having higher rates for energy usage.

“Plans to offer a lower standing charge may provide more choice to consumers, but won’t bring down people’s bills,” said Gillian Cooper, director of energy at Citizens Advice.

Ofgem said costs covered by standing charges must be paid somehow, and so has said it could only move them to another part of the bill.

The announcement of the plans comes as energy bills for millions of people on tariffs which vary with Ofgem’s price cap are rising by 2% in October.

Rising standing charges are part of that, with the fees typically rising by 4% for electricity and 14% for gas.

‘More choice’

“We have carefully considered how we can offer more choice on how they pay these fixed costs, however we have taken care to ensure we don’t make some customers worse off,” said Tim Jarvis, from Ofgem.

The regulator’s latest proposals are less radical than previously considered, and it would also require tariffs to have a minimum usage level.

Under its plans, now subject to consultation:

  • All suppliers in England, Scotland and Wales must offer a low standing charge tariff to customers. Some providers already offer this as an option, but it would be universal
  • All billpayers will have the choice to move to such a tariff by the end of January
  • The new tariffs will be available to customers irrespective of how they pay their bill, such as by direct debit or quarterly on demand

“The costs covered by the standing charge ultimately must be paid. We cannot remove these charges, we can only move costs around,” added Mr Jarvis.

“These changes would give households the choice they have asked for, but it’s important that everyone carefully considers what’s right for them as these tariffs are unlikely to reduce bills on their own.”

People who cut their energy use should see a bigger reduction in bills than would be the case without these changes, he said.

Suppliers will be able to decide whether to also offer zero standing charge tariffs, with much higher unit rates.

Rising cost

Many charities say that rather than shifting the fee onto another part of the bill, more should be done to help those struggling to pay.

“With October’s price hike just around the corner, lower standing charge tariffs will not help the millions of households bracing themselves for yet another winter of unaffordable energy bills,” said Ms Cooper, of Citizens Advice.

Campaigners are also concerned that more tariffs could create greater confusion.

Mr Lewis, the founder of Money Saving Expert, said the “disappointing” plan seemed to be “significantly watered down” from earlier proposals.

“I get more complaints about standing charges than anything else in energy bills,” he said. “I worry Ofgem has picked an easy route to appease suppliers’ concerns, that doesn’t help the most vulnerable.

“I suspect if it goes ahead like this, not enough people will switch and they’ll say ‘it wasn’t worth it.'”

Dhara Vyas, from Energy UK, which represents suppliers, said it was hard to see how the move warranted the potential cost and disruption.

“Ofgem admits [this] will only be temporary and merely move costs around on the bill, so delivering a limited benefit to customers,” she said.

The plans will now go to consultation before a final decision is made.



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HSBC Upgrades Indian Equities To Overweight From Neutral

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HSBC Upgrades Indian Equities To Overweight From Neutral


New Delhi: Indian equities now look attractive on a regional basis, said HSBC Global Investment Research on Wednesday, upgrading the domestic market to overweight from neutral. 

It said that US tariffs will have little impact on the profits of most listed companies.

Although foreign funds have withdrawn significant amounts from India in the last 12 months, a period in which the market has seriously underperformed, local investors have remained resilient, according to the report.

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“While earnings growth expectations can fall a little further, valuations are no longer a concern, as the government policy is becoming a positive factor for equities, and most foreign funds are lightly positioned,” the global investment research firm said.

Foreign investors remained net sellers in Asia this year, which is typically unfavourable for regional stock markets.

Yet the market is up by an average of 20 per cent due to cash inflow from local retail investors. However, after a strong run in Chinese equities, especially in Hong Kong, further momentum is uncertain.

“Valuations are elevated, but not excessive. However, with retail investors sitting on $22 trillion in cash, some of which is gradually being re-allocated to stocks, we expect Chinese equities to grind slowly higher,” HSBC stated.

In Japan, Korea, and Taiwan, investors are interested in playing AI through these markets, especially in Korea and Taiwan, which are now very crowded trades.

Valuations have run up and in Japan, the weaker Yen has also supported equities.

Corporate governance is a positive long-term theme in Japan and Korea, but it won’t carry markets on its own. After the recent run-up in equities, we downgraded Korea to underweight in mid-August.

“Meanwhile, ASEAN’s investor confidence is low. Politics dominates the headlines in Thailand and Indonesia; for the latter, fiscal prudence is on the radar screen after a cabinet reshuffle,” the investment research firm said.



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Boss jailed over deadly fire at South Korea battery plant

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Boss jailed over deadly fire at South Korea battery plant


Peter HoskinsBusiness reporter

Video shows moment lithium batteries exploded in a South Korea factory, leading to a deadly fire

A South Korean court has handed a 15-year prison sentence to the boss of a lithium battery maker after a deadly fire last year.

In June 2024, a blaze at a plant in Hwaseong city, about 45km (28 miles) south of the capital Seoul, killed 23 people, including 18 foreign workers, and injured eight others.

The court found the blaze was “an anticipated disaster” and that Aricell chief executive Park Soon-kwan and other executives had caused the deaths of the workers.

It is the longest jail term imposed under the country’s industrial safety law, which punishes owners or bosses of firms with at least a year in prison, or fines of up to 1 billion won ($717,000; £530,000), for fatal incidents.

Prosecutors had sought a 20-year term, arguing that company executives had made changes to the plant that meant it was difficult for workers to escape the fire.

Park’s son, who is a senior executive at the company, was also sentenced to 15 years in prison and fined 1 million won.

Investigators have said the firm did not have proper safety measures in place and did not train its workers adequately.

Park the CEO issued an apology after the fire, but denied allegations of safety lapses at the factory.

Reuters Tens of emergency work at the site of a deadly fire at a lithium battery factory owned by South Korean battery maker Aricell, in Hwaseong, South Korea, June 24, 2024.Reuters

The blaze at an Aricell plant in Hwaseong killed 23 people

At the time of the fire, the Aricell factory housed an estimated 35,000 battery cells on its second floor, where batteries were inspected and packaged.

As lithium fires can react intensely with water, firefighters had to use dry sand to fight the fire, which took several hours to get under control.

South Korea is a leading producer of lithium batteries, which are used in many items from electric cars to laptops.

The country’s President Lee Jae Myung has said not enough is being done to protect workers from death or injury in South Korean workplaces, and has pledged to increase penalties against businesses where fatal accidents occur.



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