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Energy expert shares steps to unlock lower energy bills before price cap change | Personal Finance | Finance

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An expert has warned there is “one thing you need to do” before the price cap drops next month to take advantage of lower bills.

From October 1, 2023, Ofgem’s next price cap will drop to around £1,923.

This isn’t a cap on the overall amount people will pay for their energy, instead, it caps the amount that people pay per kilowatt hour, or unit, of gas and electricity.

Around 29 million households are on standard variable tariffs that are subject to the price cap.

It should be noted that business owners with a non-domestic energy contract will not be affected by the price cap. It will not affect their business energy bills.

Les Roberts, energy comparison expert at Bionic, gave his advice on the one thing people “need” to do before the price cap changes this October.

Those without a smart meter are urged to follow steps to unlock lower bills before October.

He said: “On October 1, it’s important that those without a smart meter take a meter reading. This is when the energy price cap change comes into effect and this will result in your bills changing.

“Submitting a reading means you are charged the correct amount for exactly how much energy you are using, meaning you know exactly how much you owe and ensures you aren’t overcharged so you can have more money in your pocket every month.”

Mr Roberts explained that submitting meter readings is a good habit to get into as it ensures bills are correct, regardless of which tariff people are on.

Ultimately, the price one pays is determined by how much the energy supplier thinks they are using, so letting them know stops any random guesses and ensures people only pay for what they use.

He continued: “If you do spot mistakes from your meter readings to what is on your bills, you can then flag this with your supplier as well.

“If they don’t correct this based on the evidence you have, you can also refer your case to the Energy Ombudsman who will work with the supplier and yourself to resolve the complaint.

“And remember, if you’re on a non-domestic energy contract, the price cap will not apply to your business energy bills. In this instance, it still makes sense to compare quotes to see if you can save money with a fixed contract.”



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Why This IIT Bombay Alumnus Left $8,000-A-Month Silicon Valley Internship

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A viral social media post by entrepreneur Aman Goel has ignited widespread discussion online after he revealed why he left a high-paying career in Silicon Valley to return to India and build startups.

Goel, the co-founder of GreyLabs AI, took to X to reflect on his decision to walk away from a lucrative career nearly a decade ago to return to his roots.

In 2016, at just 20 years old, the IIT Bombay student landed what many would consider a “dream” software engineering internship at Rubrik in Palo Alto. Earning a monthly stipend of $8,000, Goel said he was in a high-calibre engineering culture, gaining deep technical insights into databases and scalable backend systems during the company’s early years.

ALSO READ: Did Hardik Pandya Unfollow Mumbai Indians On Instagram? Here’s The Fact Behind The Rumour

However, despite the prestige and substantial financial rewards in the Bay Area, Goel revealed that the experience provided him with something far more significant—professional clarity.

“I realised I did not want to build my life in the Bay Area. I wanted to go back to India and build something of my own,” Goel wrote in his post.

Upon returning to India in July 2016, Goel transformed his final year at IIT Bombay into an intensive study of entrepreneurship, focusing on sales, marketing, and product strategy. This “obsession” paved the way for his first major success, Cogno AI, which he scaled to over $1 million in revenue before a successful acquisition.

His latest venture, GreyLabs AI, further validates that decision. The company has reportedly raised nearly Rs 100 crore from prominent investors like z47 and Elevation Capital, currently employing over 85 people and serving 75+ clients in the BFSI sector.

Invoking Bill Gates’ famous saying about underestimating what can be achieved in a decade, Goel advised young professionals to prioritise long-term passion over immediate gains.

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IOC, BPCL, HPCL Down 3% Despite PM Modi’s WFH Appeal

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Shares of India’s state-run oil marketing companies (OMCs) Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd, tumbled in early trade on Monday, May 11, amid a surge in global crude oil prices on the ongoing geopolitical tensions between US and Iran. This comes despite OMC stocks were expected to trade positive by D-Street analysts after Prime Minister Narendra Modi on Sunday called for Indians to conserve fuel, avoid unnecessary foreign travel and even postpone non-essential gold purchases amid the rising commodity prices over the Middle-East geopolitical risk.

Shares of IOCL, BPCL, and HPCL opened nearly 2% lower each and extended losses to trade in red amid a broader bearish sentiment across the domestic frontline indices. On the NSE, shares of BPCL las traded 2.58% lower at Rs 294.95, IOC traded 2.70% lower at Rs 140.79, and HPCL shares were last down 2.33% lower at Rs 377.90 apiece on the NSE. At the opening bell, Nifty fell as much as 1.15% to 23,897, while the Sensex dropped 1.22%, or about 944 points, to 76,384.65.

The Indian rupee opened weaker against the US dollar and fell as much as 43 paise to 94.91 in early trade. The declines came after the US President Donald Trump rejected Iran’s response to a US peace proposal, raising concerns over prolonged conflict in the Persian Gulf. Domestically, markets reacted to remarks by Prime Minister Narendra Modi urging fuel conservation and restraint on gold purchases amid pressure from rising energy prices, adding to concerns around India’s external balances.
 

PM Modi’s appeal to Indians amid crude price surge

Speaking at an event in Telangana yesterday, PM Modi urged citizens to use imported petroleum products ‘only as per need’ in light of the ongoing Middle East crisis. He also revived several Covid-era practices, including work-from-home arrangements, online meetings and virtual conferences, arguing that reducing fuel consumption would help conserve foreign exchange reserves and cushion the economy from the impact of higher crude prices.

Brokerages indicated that stocks such as Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. could benefit if demand moderation reduces inventory and pricing pressures. For oil marketing companies, the message was quite positive. Lower fuel consumption may ease the burden of under-recoveries if retail prices remain unchanged while global crude stays elevated. However, the fuel confidence failed to impress investors amid the larger global price shock.

Why are OMC stocks in red?

Global crude oil prices rallied on Monday, a day after US President Donald Trump said Iran’s response to a US proposal was “unacceptable,” raising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight. Brent crude futures climbed $4.16 or 4.11% to $105.45 a barrel. US West Texas Intermediate was at $99.80 a barrel, up $4.38, or 4.59%. Last week, both contracts recorded 6% weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil transit through the Strait of Hormuz.

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Titan Shares Slump Over 7% On PM Modi’s ‘Postpone Gold Purchases’; Brokerages Hike Targets

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Titan Company Ltd shares are under pressure on the back of Prime Minister Narendra Modi’s call for Indians to conserve fuel, avoid unnecessary foreign travel and even postpone non-essential gold purchases. Titan shares slumped over 7.5% to trade at around Rs 4,165.60 apiece, as of 10:15 am.

Of the 37 analysts tracking this stock, 28 have a ‘buy’ call, six have a ‘hold’ call, and three have a ‘sell’ call on Titan.

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This is after brokerages turned more constructive on Titan after the jewellery and lifestyle retailer delivered a stronger-than-expected March quarter, driven by resilient demand despite sharply higher gold prices. The company reported a 35% year-on-year rise in consolidated net profit to Rs 1,179 crore, while revenue surged 80% to Rs 26,920 crore, aided by robust jewellery and bullion sales. Management also guided for strong growth in the first half of FY27, reinforcing confidence that demand remains healthy even in a volatile gold-price environment.

Goldman Sachs on Titan

  • Goldman Sachs maintains a Buy rating and hikes the target price to Rs 5,400 from Rs 5,000.
  • Q4 delivered a margin beat along with strong sales growth guidance in the jewellery business.
  • Jewellery EBIT growth is expected to remain healthy.
  • Watches and Eyewear continued to deliver steady performance.

Citi on Titan

  • Citi maintains a Neutral rating and raises the target price to Rs 5,075 from Rs 4,750.
  • Jewellery revenue growth was supported by healthy demand momentum.
  • Jewellery margins contracted materially due to higher bullion prices and transfer pricing impact.
  • Management highlighted front-loading of wedding purchases amid rising gold prices.
  • Competitive intensity and an unfavourable product mix weighed on profitability.
  • Near-term demand outlook remains resilient.

HSBC on Titan

  • HSBC retains a Buy rating and raises the target price to Rs 4,930 from Rs 4,510.
  • Q4 was strong, with underlying strength in the jewellery business despite elevated gold prices.
  • Reported revenue beat was supported by high bullion sales.
  • The brokerage raises FY27–28 EPS estimates by 3–5% on the back of strong jewellery performance.
  • Management expects H1FY27 growth to exceed 30%.
  • Growth is likely to moderate in H2FY27 due to a high base and uncertainty around gold prices.

JPMorgan on Titan

  • JPMorgan upgrades Titan to Overweight from Neutral and raises the target price to Rs 5,400 from Rs 4,700.
  • The brokerage views Titan as a moat-led compounder with strong brand strength and execution.
  • Q4 marked a strong FY26 exit, with broad-based growth across segments.
  • The jewellery business continues to benefit from structural tailwinds.
  • Buyer growth recovery, wedding purchases and higher studded traction supported execution.
  • Management is targeting 15–20% medium-term growth.
  • Domestic jewellery margins are expected to sustain at around 11%.
  • JPMorgan raises FY27–28 EPS estimates by 4–5%.
  • Valuations appear attractive relative to peers such as Avenue Supermarts, Trent and Nykaa.

Morgan Stanley on Titan

  • Morgan Stanley maintains an Overweight rating and raises the target price to Rs 5,212 from Rs 5,102.
  • Q4 results beat expectations, with operating performance ahead of estimates.
  • Jewellery growth was driven by healthy demand momentum.
  • Rising gold prices continued to support customer interest and higher ticket sizes.
  • Management reiterated confidence in sustained double-digit jewellery revenue growth.
  • Margins are expected to remain well supported.

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