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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

Falling home prices are hitting homeowners in these 10 states the hardest &mdash; with up to 10% of mortgage balances now topping their property values

<ul class="summary-list"><li>British billionaire David Sullivan has cut the price of his London mansion by about $13 million.</li><li>The businessman, who owns the West Ham United soccer club, said he is taking a loss on the property.</li></ul>British <a target="_blank" class="" href="https://www.businessinsider.com/category/billionaires">billionaire</a> David Sullivan has cut the price of his London mansion to £65 million (about $85 million), knocking about $13 million off of the previous asking price.Sullivan, an owner of the east London-based soccer club West Ham United, told <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-03/west-ham-united-owner-cuts-london-mansion-price-by-10-million">Bloomberg</a> that while he would now be selling the property for a loss, "you have to be realistic."<div type="image" title="A living area in the house." height="6191" width="8199" msid="113991316" hostid="261" sizebytes="1760512"></div>"Interest rates are high — they're coming down but not much," Sullivan said."I also think what the government is doing to the non-doms isn't very nice, and a lot of rich people are leaving the country as a result of what they anticipate in the budget. Three or four of my friends already have gone to Monaco or Dubai," he added.<div type="image" title="A meeting/dining room in the house." height="4480" width="6720" msid="113991310" hostid="261" sizebytes="1286418"></div>Sullivan, 75, was referring to planned changes to government policy that would remove certain tax advantages for wealthy UK residents whose permanent home — for tax reasons — is outside the UK.The proposed changes have led to uncertainty in the market, according to real-estate firm Knight Frank, with London's "super-prime market" seeing 22% fewer transactions in the 12 months to July compared to the year prior.And that's not ideal for Sullivan, who told Bloomberg he spent about £75 million (about $98 million) on his Marylebone property — £27 million (about $35 million) to buy the house in 2015 and almost £50 million (roughly $65 million) refurbishing it.<div type="image" title="A wine cellar in the property." height="4480" width="6720" msid="113991305" hostid="261" sizebytes="2075738"></div>According to Knight Frank, the 21,000-square-foot house at 33 Portland Place was built in 1775. It features 10 bedrooms, 10 bathrooms, a swimming pool, a wine cellar, a cinema room, a sauna, and a "sky lounge."One of the property's former owners, Edward Davenport, was convicted of a multimillion-pound fraud in 2011. He was released in 2014 after he was granted clemency on the grounds of ill health, <a target="_blank" class="" href="https://www.theguardian.com/uk-news/2015/may/20/fraudster-edward-davenport-sells-mansion-settle-13m-court-orders">the Guardian</a> reported.<div type="image" title="The house." height="1921" width="2561" msid="113991321" hostid="261" sizebytes="558170"></div>Under Davenport's ownership, the house hosted several famous guests and was famed for holding raucous parties.Supermodel Kate Moss once shot a campaign for Agent Provocateur on the property, while British music icon Amy Winehouse used it as the set for her "Rehab" music video. It was also used to film scenes for the Oscar-winning film "The King's Speech."<div type="image" title="A living area in the house." height="4379" width="6568" msid="113991318" hostid="261" sizebytes="1155658"></div>Davenport's website shows photos of him posing with various celebrities, from Paris Hilton to Daniel Radcliffe. One photo also shows him with Sullivan.Davenport <a target="_blank" class="" href="https://www.theguardian.com/uk-news/2015/may/20/fraudster-edward-davenport-sells-mansion-settle-13m-court-orders">purchased</a> the house from the Sierra Leone High Commission in 1999.<h2 id="61b8db58-ad1f-444e-b375-c69774aff86f">Who is David Sullivan?</h2><div type="image" title="David Sullivan." height="512" width="683" msid="113991308" hostid="261" sizebytes="18814"></div>Sullivan is worth about £1.2 billion (roughly $1.6 billion), according to The Sunday Times Rich List.The 75-year-old first made his money in the adult entertainment industry before moving into media, owning the Daily Sport and Sunday Sport newspapers.Speaking to <a target="_blank" class="" href="https://www.thetimes.com/article/sullivan-proud-of-his-record-as-true-blue-k5l5qw9dph0">The Times of London</a> about his career in 2006, Sullivan said: "I always had a burning desire to be fabulously rich because I came from a fabulously poor background.""I am not embarrassed by what I have done," he added. "I am not one of those people who tells the neighbours I'm in the print business. I'm in the adult entertainment industry and I have met some lovely girls and made a lot of money. I have given an awful lot of people a lot of pleasure and I have never hurt anyone."

British billionaire slashes the price of his London mansion by $13 million, saying the rich are fleeing the UK. See inside the storied property.

<keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> firm <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> on Saturday reported a more than two-fold jump in its consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> to Rs 1,250 crore for the July-September quarter, driven by special income from the sale of assets. The Mahindra Group company posted a net profit of Rs 493.9 crore in the year-ago period, according to an exchange filing. Revenue rose by 3.49 per cent to Rs 13,313.2 crore in the second quarter of 2024-25 compared to Rs 12,863.9 crore in the same quarter of 2023-24. "Other income includes gain on sale of property of Rs 4,502 million which comprises of freehold land and its related buildings along with the furniture &amp; fixtures sold for a consideration of Rs 5,350 million, receivable over a period of four years along with interest of 8.2 per cent p.a," the company filing said. Sequentially, net profit rose by 46.81 per cent and revenue by 2.36 per cent. "We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. "We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter," Tech Mahindra CEO Mohit Joshi said. The CEO unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth. "This quarter we see consistent performance around increasing deal wins, <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword>, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share," Tech Mahindra CFO Rohit Anand said. The company's TCV (<keyword id="23580531" type="General" weightage="20" keywordseo="Total-Contract-Value" source="keywords">Total Contract Value</keyword>), or net new deal wins, stood at USD 603 million in the second quarter of FY25. Joshi further said the company is on the right path for a long-term sustainable transformation, with its leading indicators moving in the right direction, and its 'Scale at Speed' narrative resonating in the market. "We have invested in strengthening the capabilities in the focus service lines by broadening the leadership and investing in technical specializations. "We continue to invest in strengthening our fresher hiring program, building the right mindset and future skilling and associates, by building capabilities in AI-first and cloud-first skill sets," he told reporters. Investments shall continue in creating and sustaining an outcome-driven learning organisation and cultivating a high-performance culture based on the pillars of simplifying, clarifying, innovating and driving a high-performance orientation, he added. This year could be volatile because we are in the turnaround phase, Joshi said. "I am confident, however, that the platform is being set for a long-term, valuable franchise thanks to a high-calibre and united leadership team and a clearly articulated strategic plan," Joshi said. The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. Shares of Tech Mahindra settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank">Best credit cards for online shopping this festive season</a><a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank">Waaree Energies IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank">Best smartphones under ₹25,000 in India in October 2024</a>

Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

<keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36 per cent year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> across the seven cities grew 11 per cent annually in the July-September period this year. Hyderabad saw the highest rise of 18 per cent. Anarock highlighted that quarterly sales in July-September touched an all-time high. In housing data, sales of apartments, villas and independent floors are included while plots are excluded. Anarock Chairman Anuj Puri highlighted that Mumbai Metropolitan Region (MMR) and Pune contributed 51 per cent of the total sales. Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept <keyword id="173069" type="General" weightage="20" keywordseo="home-loan-interest" source="Orion">home loan interest</keyword> rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6 per cent to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46 per cent to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29 per cent to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63 per cent to 22,885 units from 14,080 units. Sales of <keyword id="135249" type="General" weightage="20" keywordseo="residential-properties" source="Orion">residential properties</keyword> in Hyderabad increased 41 per cent to 16,375 units from 11,650 units. In Chennai, housing sales rose 42 per cent to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7 per cent to 5,320 units during July-September from 4,950 units in the year-ago period. "The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain said.

You Searched For "Property prices" and got 5 results

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

ANI

Falling home prices are hitting homeowners in these 10 states the hardest with up to 10% of mortgage balances now topping their property values

Christine Ji

British billionaire slashes the price of his London mansion by $13 million, saying the rich are fleeing the UK. See inside the storied property.

Nathan Rennolds

Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

PTI

Housing sales up 36 pc in Jul-Sep in top 7 cities to record 1,20,280 units: Anarock

PTI

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