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New Delhi: Steel companies in the country are likely to face margin pressure in the third quarter of FY25 as muted steel prices compress spreads, according to a report by Axis Securities. The report stated that the weak demand in China and higher exports from the country have been identified as key factors behind the decline in steel prices. The report highlighted that <keyword id="24048830" type="General" weightage="20" keywordseo="Chinese-steel-exports" source="keywords">Chinese steel exports</keyword> reached 92 million tonnes per annum (MTPA) between January and October 2024, marking a 22 per cent year-on-year increase. This has led to an oversupply in the global market, weighing down prices domestically. It said "Weak Chinese domestic demand along with higher Chinese exports has led to a decline in steel prices in India. Chinese steel exports from Jan'24 to Oct'24 stood at 92 MTPA, up 22 per cent YoY" In India, the average price of hot-rolled coil (HRC) steel in the trader's market in Mumbai fell by 8 per cent year-on-year and 6 per cent quarter-on-quarter to Rs 51,802 per tonne in the second quarter of FY25. Spot prices have further declined to Rs 49,000 per tonne, 5 per cent lower than the Q2FY25 average. The report also noted some signs of recovery in China's residential property sector, with increased transactions in major cities following policy measures aimed at boosting demand. However, challenges remain, as the three-month moving average of year-to-date floor space declined by 19 per cent year-on-year in September 2024, remaining in negative territory. It said "China's residential property sector is showing some signs of improvement with the transactions in major cities rising after recent policy measures introduced to boost demand". On the global front, the report noted that the probability of a 25-basis point rate cut by the US Federal Reserve in its December 2024 meeting has fallen to 58.9 per cent, down from 76.8 per cent in October 2024, owing to strong economic data from the US. Additionally, China has removed a 13 per cent export rebate on aluminum and copper, effective December 1, 2024, in response to anticipated tariff measures by the new US administration. These developments highlight the ongoing challenges and potential shifts in the global and domestic steel and metals markets.

Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

Private sector lender <keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword> on Wednesday reported a net profit of Rs 7,129 crore for the fourth quarter ended March 31, 2024. The bank had reported a net loss of Rs 5,728 crore in the March quarter of 2022-23 fiscal. Total income rose to Rs 35,990 crore in the March quarter of 2023-24 fiscal, from Rs 28,758 crore in the year-ago period. The bank's Net Interest Income (NII) grew 11 per cent Year-on-Year (YoY) to Rs 13,089 crore. For 2023-24 fiscal, the net profit jumped 160 per cent to Rs 24,861 crore. The numbers for the March quarter of 2022-23 fiscal and the full fiscal include the impact of exceptional items relating to the <keyword id="19941660" type="General" weightage="20" keywordseo="citibank" source="keywords">Citibank</keyword> business acquisition, Axis Bank said. Its balance sheet grew 12 per cent YoY to Rs 14,77,209 crore as on March 31, 2024. The bank issued 1.24 million new credit cards in the March quarter of FY24 and has been one of the highest credit card issuers in the country over the last nine quarters, Axis Bank said in a regulatory filing. The bank's board has recommended a dividend of Re 1 per equity share of the face value of Rs 2 per equity share for FY24. Shares of Axis Bank settled at Rs 1,063.70 apiece, up 0.69 per cent over the previous close on the BSE. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a><a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/gigabyte-aorus-co49dq-49-inch-qd-oled-144hz-curved-gaming-monitor-launched-in-india/articleshow/109563798.cms" target="_blank">GIGABYTE AORUS CO49DQ 49-inch QD-OLED 144Hz curved gaming monitor launched in India</a><a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a>

Axis Bank posts net profit of ₹7,129 cr in March quarter

<keyword id="8009942" type="General" weightage="20" keywordseo="walmart-owned-flipkart" source="Orion">Walmart-owned Flipkart</keyword> on Friday announced that it will be distributing <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>'s <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword> on the e-commerce platform. The platform, which has 450 million customers, will be distributing loans of up to ₹5 lakh which can be repaid in up to three years, it said in a statement. The announcement comes amid reports of <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>'s concerns on the high growth in the more riskier unsecured lending segment like personal loans and credit cards. "As Indian consumers continue to evolve, an increasing aspiration exists to enhance their lifestyles," the Flipkart statement said. The facility in tie-up with the third largest private sector lender will empower customers with increased purchasing power, it added. Flipkart's senior vice president for fintech and payments group, Dheeraj Aneja said the e-commerce platform already offers financing avenues like Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards to support buyers. "Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed. These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys," Aneja added. Axis Bank's president and head of digital business and transformation, Sameer Shetty, said the bank will be able to offer lending to a wider spectrum of customers through the partnership. Customers will be able to get loan approvals in 30 seconds under the partnership, the statement said.

Flipkart to distribute Axis Bank personal loans of up to ₹5 lakh

<ul class="summary-list"><li><keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword>, a crypto game that lets players earn money, became the top-traded NFT collection, according to the BGA Blockchain Game Report. </li><li>The game, which centers on NFT creatures called Axies, has generated $2.5 billion in trading volume. </li></ul>Axie Infinity, an ethereum-based game where players can earn money by battling colorful creatures, became the top-traded NFT collection during the third quarter, data show. Developed by Vietnamese startup Sky Mavis, <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">Axie Infinity</a> drew in $2.08 billion in trading volume from July through September, representing 19% of trading volume in that space, according to the <a href="https://dappradar.com/blog/bga-blockchain-game-report-q3-2021">BGA Blockchain Game Report</a> from Dappradar. And as of the report's publication on October 14, it was more than $2.5 billion. The game's creatures, called Axies, are <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> that can be sold or purchased. NFTs, or non-fungible tokens, are digital representations of artworks and collectibles that exist on a blockchain ledger, similar to <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and other cryptocurrencies. During the third quarter, the game overtook CryptoPunks and NBA Top Shot - among the most famous NFTs - to claim the title of the most-traded NFT collection ever. CryptoPunks have <a href="https://www.businessinsider.com/cryptopunks-pixelated-avatars-that-millionaires-buy-nft-2021-7">become hot items for millionaires to buy</a>, and payments heavyweight <a href="https://markets.businessinsider.com/stocks/v-stock">Visa</a> in August ventured into the digital-collectibles market by <a href="https://markets.businessinsider.com/news/currencies/visa-cryptopunks-nft-150000-cryptocurrency-blockchain-fungible-token-digital-asset-2021-8">purchasing the CryptoPunk 7610 pixelated avatar for around $150,000</a>."The case can be made for Axie Infinity as the true catalyzer of the play-to-earn revolution," said BGA, adding that the game pulled in $800 million in revenue in the third quarter. Players can earn two types of tokens, Smooth Love Potions and Axie Infinity Shards, through breeding, raising and battling Axies. The SLP and AXS tokens can be used in the game or can be sold on a crypto exchange. The <a href="https://www.coingecko.com/en/coins/axie-infinity">AXS price</a> earlier this month hit an all-time high of $155.88, according to CoinGecko. The <a href="https://www.coingecko.com/en/coins/smooth-love-potion">SLP token</a>'s price reached an all-time high above $0.399 in July but has since pulled back. The broader blockchain industry posted a quarterly increase of 25% in unique active wallets, to 1.54 million. BGA said UAWs are somewhat analogous to daily active users, although individuals can hold multiple wallet addresses.A big driver in that increase came from blockchain-based games with players seeking to earn money. UAWs connected to blockchain games hit 754,000 in the third quarter, or 49% of the whole industry's usage, the report said.

You Searched For "axis report" and got 4 results

Falling steel prices amid Chinese export surge, to reduce profits of companies in Q3 FY25: Report

ANI

Axis Bank posts net profit of ₹7,129 cr in March quarter

PTI

Flipkart to distribute Axis Bank personal loans of up to ₹5 lakh

PTI

The most-traded NFT collection in Q3 was Pokemon-inspired Axie Infinity as crypto gaming expands

Carla Mozée

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