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New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

<ul class="summary-list"><li>Sam Altman appears to have responded to concerns that new AI models are hitting a performance wall.</li><li>The OpenAI CEO posted to X on Thursday that "there is no wall."</li></ul>Sam Altman has said, "There is no wall," in an apparent reference to concerns that OpenAI and other companies are facing a slowdown in advancing their AI models.His comment — posted to X Thursday — <a target="_blank" class="" href="https://affiliate.insider.com?h=3c90ade9bd610bd7057d62db139f712a86bd67755e646024f59ff3ed8f6ba40f&amp;postID=6736185ec711dce4fc7d6e05&amp;postSlug=sam-altman-ai-wall-slowdown-openai-2024-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fopenai-shifts-strategy-as-rate-of-gpt-ai-improvements-slows%3Frc%3Drlufcw">follows a report in The Information</a> that OpenAI's next model has shown only a moderate improvement over ChatGPT-4 and a smaller leap compared to previous versions.It has <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">sparked concerns</a> in the tech world that the techniques that have historically made AI models smarter — more training data and greater computing power — are resulting in diminishing returns.Altman, who has a history of short, cryptic messages on X, has previously indicated that these so-called scaling laws are preordained. He posted to the site in February that they are "decided by god" and that the "constants are determined by members of the technical staff."Ilya Sutskever, a cofounder of OpenAI and Safe Superintelligence, told Reuters on Monday that results from scaling up pretraining had plateaued. However, others, such as Microsoft's chief technology officer, Kevin Scott, have previously dismissed these concerns. He told Sequoia Capital's "Training Data" podcast in July that "we're not at diminishing marginal returns on scale-up."AI labs are also exploring ways to overcome any slowdowns, such as using synthetic data and refining models after they have been trained, using a technique called inference.The huge sums of money invested in frontier AI companies have created pressure to produce increasingly more powerful models.Last month, OpenAI <a target="_blank" class="" href="https://www.businessinsider.com/tiger-global-openai-latest-funding-round-2024-10">raised $6.6 billion</a> from investors in a record funding round.OpenAI did not immediately respond to a request for comment from Business Insider.

Sam Altman says 'there is no wall' in an apparent response to fears of an AI slowdown

<ul class="summary-list"><li>Payouts to partners at the Big Four consultancies are falling.</li><li>Annual returns are being affected by a slowdown in sales and an increase in the number of partners.</li></ul>Partner payouts at the <a target="_blank" class="" href="https://www.businessinsider.com/big-four-consultancies-deloitte-ey-cut-staff-pwc-accenture-2024-10">Big Four consultancies</a> are falling as demand for professional services declines and firms increase the number of partners.At EY, partner payouts in the UK, where the global consulting and accountancy firm is headquartered, were down 5% this year. UK partners received an average of £723,000 ($938,000) compared to £761,000 ($987,000) the previous year.The firm said in <a target="_blank" class="" href="https://www.ey.com/en_uk/newsroom/2024/10/ey-uk-net-revenues-grew-3-percent-in-a-challenging-market">a press release</a> that the decrease in pay reflected a rise in the number of partners during the 2024 financial year. EY now has 903 partners as of June 2024, up from 866 at the same point in 2023, <a target="_blank" class="" href="https://www.ft.com/content/39095b58-5940-46f3-92e5-759a2923334d">the FT</a> reported.Revenue growth at EY fell from 16% in the previous financial year to just 3% in FY2024. The drop in performance was driven by declines in some of EY's key divisions, with its consulting and strategy business decreasing by 4% and transactions decreasing by 13%."With depressed UK and global deal activity and weak levels of corporate confidence during FY24, we have responded to the market to ensure we have the right platform for continued long-term growth and profitability," said Hywel Ball, EY's outgoing UK managing partner.Senior employees at the Big Four consultancies, which are all privately held, can be <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-onto-partner-track-make-millions-management-consulting-mckinsey">promoted to partner status</a>, and some are offered equity ownership in the business. In addition to salary and bonuses, equity partners traditionally receive a share of annual profits.At PwC and Deloitte, partners have also seen their payouts drop this year as growth slows.UK partners at PwC took home an average of £862,000 ($1.11 million) this financial year, 5% less than the same period in 2023. <a target="_blank" class="" href="https://www.pwc.co.uk/who-we-are/annual-report.html">PwC reported</a> that its total revenue growth was down to 9% compared to 16% growth in 2023.At Deloitte, partner payouts were down by 4.5% to around £1 million ($1.3 million), leaving equity partners taking home roughly £50,000 less than the previous year.The fall in pay comes as the Big Four — which consists of Deloitte, EY, KPMG, and PwC — attempt to balance operations following the end of the pandemic-era rush on advisory services.Many <a target="_blank" class="" href="https://www.businessinsider.com/consulting-firms-mckinsey-bcg-accenture-workers-leaving-2024-9">consultancies hired rapidly</a> to meet soaring demand in the early 2020s. As the workload slowed, revenues declined. The major firms have been making adjustments in order to balance operations, such as <a target="_blank" class="" href="https://www.businessinsider.com/ey-graduate-hires-start-dates-delayed-slowdown-strategy-consulting-2024-10">delaying start dates</a> for new hires and laying off employees. However, the impact of policies is not expected to be immediate.Despite the current slowdown in growth, many firms believe <a target="_blank" class="" href="https://www.businessinsider.com/ai-questions-consulting-firms-are-answering-for-clients-2024-6">AI</a> will provide a necessary boost to business as more companies look to consultants for advice on how best to get started and optimize their operations.

Partner pay at Big 4 firms is dropping, the latest sign of the consulting slowdown

<ul class="summary-list"><li>Investors are awaiting TSMC earnings for signs of what's to come for the chip sector. </li><li>AMSL sparked a panic on Tuesday as it slashed sales guidance for 2025. </li></ul>This week's <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-chip-stocks-asml-nvidia-morgan-stanley-earnings-2024-10">sell-off in chip stocks</a> and lingering questions about the demand for artificial intelligence tech has raised the stakes for Taiwan Semiconductor Manufacturing Company's coming earnings report.The chipmaker will report its full third-quarter earnings in the early hours on Thursday. The results will serve as a key update for investors eagerly watching for signs of an industry slowdown after <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10">downbeat guidance from ASML</a> triggered a sell-off in top semiconductor shares on Tuesday. TSMC, which is one of ASML's largest customers and a top supplier to tech firms like Nvidia and Apple, revealed last week that it pulled in revenue of $759.69 billion New Taiwan dollars, or around $23.57 billion, in the third quarter, beating estimates.TSMC edged 1% lower Wednesday afternoon, with shares trading around $187.82. The stock is up 84% year-to-date, thanks partly to the firm's strong financial results so far in 2024.Chip and semiconductor stocks, meanwhile, traded slightly higher, with the SPDR S&amp;P Semiconductor ETF rising nearly 1% by mid-day.Traders are waiting for guidance from TSMC executives on the firm's earnings call regarding demand in the current quarter as well as the coming year. Fears about demand were ignited recently when Nvidia reported results for the second quarter in August. The chip giant's earnings beat estimates but fell short of the loftiest projections, leading to questions about cooling appetite for AI-enabling technology as firms have yet to report meaningful returns on huge capital expenditures in the space. Since then, Nvidia has once again traded close to all-time highs. Recent comments from CEO J<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">ensen Huang point to extremely high demand</a> for the next-generation Blackwell chip, which Huang has said will be sold out for the next 12 months.

All eyes are on TSMC earnings as the chipmaker industry faces slowdown worries

<ul class="summary-list"><li>Prada Group reported an 18% jump in sales in Q3.</li><li>This was largely due to the success of its sister brand, Miu Miu.</li></ul>Prada Group is defying the luxury slowdown thanks to its Miu Miu brand. While its peers like <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-luxury-louis-vuitton-struggles-china-slowdown-2024">LVMH</a> and Kering reported weak Q3 results, driven in no small part by <a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">slumping demand in China</a>, Prada is joining <a target="_blank" class="" href="https://www.businessinsider.com/hermes-escapes-luxury-industry-slump-lvmh-kering-struggle-2024-10">Hermès</a> as one of the few luxury houses to be thriving right now. Retail sales across the Italian fashion group grew 18% in the most recent quarter. Sales were up 2% at its namesake brand but it was Miu Miu that stole the show — reporting a 105% increase in sales in Q3 versus the year before. <div type="image" title="A model walks the runway during the Miu Miu Womenswear Spring/Summer 2022 show as part of Paris Fashion Week on October 5, 2021, in Paris, France." height="1921" width="1280" msid="114816140" hostid="261" sizebytes="86082"></div>The more youthful and affordable sister brand of Prada was founded by Miuccia Prada, the granddaughter of the group's founder, in 1992.Its recent success can be partly credited to its burgeoning Gen Z fan base and the <a target="_blank" class="" href="https://www.businessinsider.com/prada-miu-miu-stock-beating-luxury-slump-lvmh-kering-2024">cult following behind products like its micro-skirt</a>, which went viral after debuting in 2021 and was worn by Emily Ratajkowski, Hunter Schafer, and Hailey Bieber.Blanca Zugaza Escribano, a fashion and luxury consultant at Metyis, told BI that Miu Miu is a prime example of a luxury brand that already has its finger on the pulse of what excites Gen Z — a consumer base that is becoming increasingly important for luxury brands to appeal to. But the brand's success seems to have even taken company execs by surprise. "I would lie if we said that we would have predicted to double our business year on year," Andrea Guerra, CEO of Prada, said during a call with investors on Wednesday.Things are going so well that analysts were told Prada plans to increase the size of Miu Miu stores and open up new ones in some regions where it doesn't have a presence.Prada Group's CFO Andrea Bonini said Miu Miu's performance has benefited Prada, boosting profit margins and enabling the company to invest more in its Prada brand. "Likewise, Miu Miu would probably not be experiencing this type of growth today if it hadn't been part of a larger group," Bonini added.In a note to clients on Wednesday, Bernstein analyst Luca Solca said that the brand's current trajectory "confirms our view that the market is underappreciating the growth that Miu Miu can generate in the next 12 to 18 months.""At the same time, it also confirms our worry that Prada — which is still the very bulk of the business — could be well past its peak growth potential," he added.

Miu Miu is hot right now — and Prada's chic sibling is helping it buck the luxury slowdown

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> reported third-quarter sales on Wednesday.</li><li>Shares fell in early trading following the release.</li></ul>Tesla <a target="_blank" class="" href="https://ir.tesla.com/press-release/tesla-third-quarter-2024-production-deliveries-and-deployments">reported</a> third-quarter sales of 462,890 on Wednesday morning, its first quarter-over-quarter gains this year.Shares fell about 4% in early trading following the release. The stock has been on a wild ride this year, surging roughly 81% from an April low as CEO Elon Musk hypes <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-release-date-elon-musk-stock-price-2024-9">an autonomous Tesla taxi to be revealed on October 10.</a>Analysts <a target="_blank" class="" href="https://www.businessinsider.com/tesla-q3-deliveries-preview-wall-street-expects-beat-mojo-returns-2024-9">had expected 462,000 vehicle deliveries </a>for the period ending September 30.As is tradition at <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Musk's car company</a>, the end of the quarter came with an all-hands-on-deck push to get cars delivered to waiting customers, which included <a target="_blank" class="" href="https://www.businessinsider.com/how-much-is-a-tesla-model-3">aggressive financing incentives</a> in September. The effort seemed to pay off, delivering Tesla's first sales increase of 2024.Still, Tesla will have to make monumental increases in the final three months of the year to put 2024's figures ahead of the previous year,Reversing the sales slowdown at Tesla is a much-needed win for Musk's car company.Across the industry, automakers are struggling with<a target="_blank" class="" href="https://www.businessinsider.com/tesla-layoffs"> a slowdown in demand for electric cars</a>. Tesla stayed above the fray last year as legacy car companies scrambled to change their EV plans, but <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">this year has been a different story</a>.Tesla posted two consecutive quarters of falling deliveries in the first half of the year, reversing years of growth for the company. Musk's initial plan to undercut competitors on price isn't working as well as it did a year ago and is also eating into the company's bottom line.And as <a target="_blank" class="" href="https://www.autonews.com/sales/september-q3-us-auto-sales-volume-drops-hyundai-kia?utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=Newsletter-ANDaily-20241002">new vehicle sales fall regardless of powertrain</a>, Musk has touted autonomy as the latest driver of Tesla's growth story and one that investors should pay more attention to than sales.Analyst Dan Ives of Wedbush, a longtime Tesla bull, said the numbers were "a step in the right direction but clearly we and the Street were hoping for 3k-5k upside to this number and we will see some pressure on shares this morning as investors walk away from delivery numbers expecting more.""Overall, this is a clear improvement from 1H and we believe getting in the range of 1.8 million for the year is still the key and important bogey," he told clients.

Tesla reversed its sales slowdown, but not enough to calm investors' nerves 

<ul class="summary-list"><li>Car companies are cutting costs heading into the end of the year.</li><li>A price war in China poses a threat to profitability.</li></ul>It's been a busy few days for auto companies.Ford and Volkswagen each pulled back vehicle production plans this week. After the last shift on Friday, November 15, Ford will <a target="_blank" class="" href="https://www.businessinsider.com/ford-pauses-electric-f-150-lightning-production-cuts-manager-bonuses-2024-10">pause F-150 Lightning production</a> until next year, while VW said it is considering historic plant closures in Germany that would lay off hundreds of workers.Meanwhile, Tesla fell behind China's BYD in quarterly revenue for the first time, and GM CEO Mary Barra warned of an unsustainable price war in the Chinese EV market.Amid the flurry of news, two themes stand out: the China threat and <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV slowdown</a> loom large for automakers.<h2 id="26021238-9d8a-4010-bec4-f6bfd9ac81e2">Another EV price war threatens profitability</h2>In China, the world's largest auto market, EV leaders <a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">BYD</a> and Tesla are engaged in a bitter price war that initially weighed heavily on BYD's bottom line.But by August, BYD (which also sells hybrid cars) reported its best-ever passenger car sales, driving up revenue 24% in the third quarter to $28.24 billion, topping Tesla for the first time. It's the latest sign that after nearly two years of deflating the value of its cars, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla is finally starting to feel the pinch</a> of a slowdown in the EV market.The Chinese EV market is more competitive than ever, according the GM's Barra, who <a target="_blank" href="https://www.businessinsider.com/general-motors-gm-ceo-mary-barra-ev-china-not-sustainable-2024-10">questioned the sustainability</a> of a broader price war in the region driven by an uptick in Chinese EV startups selling inexpensive vehicles.Inexpensive Chinese EVs have long threatened the US EV market. They aren't just well-priced; many are also good-looking and well-equipped. Ford CEO Mark Ford said last week that he's been driving the <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">Chinese-made Xiaomi SU7</a> for six months and doesn't want to give it up.Some car companies already sell <a target="_blank" class="" href="https://www.businessinsider.com/cars-imported-from-china-us-ev-tariffs-buick-lincoln-volvo-2024-5">China-built EVs</a> in the US, but Biden Administration bans on Chinese vehicles keep competitors like BYD from entering the market. Europe is also slapping tariffs on Chinese EVs as these cars upend their retail market.<h2 id="8dfa0b70-314e-4d64-b16a-ce59212e9bed">Companies will have to build fewer cars for now</h2>As <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Volkswagen loses ground</a> to BYD in Europe, the automotive giant is considering massive production pull-backs, including closing three German factories for the first time in its history.In the US, Ford announced its own EV production pull-backs this week, stopping assembly of its electric F-150 Lightning pickup truck until next year in a bid to improve profitability for its money-losing EV segment.Both companies are coupling these production rationalizations with other cost-cutting measures. At Ford, managerial bonuses tied to quality and manufacturing costs will be slashed to 65% of last year's levels. VW has said it plans to lay off workers and may cut wages.Over-production isn't just <a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">a problem for EVs</a>, though. Overall vehicle inventory levels remained elevated at the end of October, driving up manufacturer-funded discounts, according to JD Power. Dealers ended October with about 2 million units in stock, a 4% increase from September and a 25% increase from the previous year.Some companies are more affected by inventory bloat than others. <a target="_blank" class="" href="https://www.businessinsider.com/stellantis-jeep-ceo-falling-sales-shrinking-profit-margins-dealers-strike-2024-10">Stellantis</a>, which is navigating the toughest year in its short history, is specifically focused on reducing inventory levels in the US, and reported some progress on that effort in the third quarter.

The China threat and the EV slowdown— 2 takeaways from a busy few weeks in auto news

<ul class="summary-list"><li>The International Monetary Fund raised its growth forecast for the US economy to 2.8% this year.</li><li>It expects slower growth of 2.2% next year as the government cuts back and the job market cools.</li></ul>The International Monetary Fund raised its growth forecast for the US, projecting the world's largest economy would expand by 2.8% this year instead of the 2.6% it predicted in July.in its latest <a target="_blank" class="" href="https://www.imf.org/en/Publications/WEO/Issues/2024/10/22/world-economic-outlook-october-2024">World Economic Outlook </a>released on Tuesday, IMF staff cited stronger consumption fueled by "robust increases in real wages" and wealth effects, along with non-residential investment, as the two main reasons for the increase. However, they predicted GDP growth would slow to 2.2% in 2025 as the US government curbs its spending and the labor market cools, sapping consumption.The IMF projected global growth of 3.2% in both 2024 and 2025, virtually unchanged from its previous prediction. They underscored their latest forecast for global growth over the next five years of 3.1% was "mediocre" compared with the pre-pandemic average."Persistent structural headwinds — such as population aging and weak productivity — are holding back potential growth in many economies," the agency's staff wrote.They projected only a slight slowdown in China to 4.8% this year due to resilient net exports, and revised their April forecast for 2025 upward by 0.4 percentage points to 4.5%. They noted the Chinese government's stimulus measures "may provide upside risk to near-term growth."The UN financial agency said that growth in the euro area appears to have troughed in 2023, and it anticipates an acceleration to 0.8% expansion in 2024 driven by stronger exports, then 1.2% in 2025 on the back of improved domestic demand.IMF staff made downward revisions to its growth outlook for the Middle East, Central Asia, and sub-Saharan Africa, citing disruptions to the production and shipping of oil and other commodities as well as "conflicts, civil unrest, and extreme weather events."In contrast, they upgraded their April forecasts for emerging and developing Asia by 0.3 percentage points for both 2024 and 2025, to 5.4% and 5.0%. They cited "surging demand for semiconductors and electronics, driven by significant investments in artificial intelligence, has bolstered growth."

The IMF just raised its growth forecast for the US economy this year — but expects a slowdown in 2025

The Indian <keyword id="22196321" type="General" weightage="20" keywordseo="credit-card-industry" source="keywords">credit card industry</keyword> is struggling to grow, as new issues slow down on a year-on-year (YoY) basis. Not only has the growth i.e. issuance of new credit cards slowed down, but lenders are also becoming increasingly cautious of the asset qualities, a recent report by Nomura showed. From 19% in July 2024, the growth in the <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> spendings came down to 13% in August 2024. The year-to-date (YTD) growth has also significantly declined in FY25, currently standing at 17%, markedly down from 28% in FY24. For the fifth consecutive month, the number of new credit cards added to the system remained well below the 1-million, or 10 lakh mark. Around 9.2 lakh credit cards were added during the month, a slight uptick from the 7.55 lakh cards that came into the system In July 2024. However, there is growth in this space nevertheless, with about 10.55 crore active credit cards at present, marking a 15.6% YoY increase. Even the annualised spend per card, or the average amount spent via an annual card during an year grew 1% YoY to Rs 1.87 lakh. But this was far less than the 7% growth annual spends via one credit card saw in FY24. Meanwhile, what continues to burgeon consistently is the outstanding amount on these credit cards, which ballooned to Rs 2.7 lakh crore in June 2024, up from Rs 2.6 lakh crore in March 2024, and around Rs 2 lakh crore in the year ago period. To put this in perspective, pre-pandemic, the total outstanding amount stood at Rs 87,686 crore, which marks a 24% CAGR in this amount, in just a span of 5 years. <h2>Large drops, slowdown to sustain</h2>Even the monthly expenditure per card dropped 2% YoY to Rs 16,000 in August, 2024. Subsequently, the transaction volume via credit cards also dipped to 1.6% in August, along with the total amount of <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword>, which fell to Rs 1.69 lakh crore in August, from Rs 1.73 lakh crore in July. Also, there has been a hefty cutdown in provisions made for credit card reward points, which reflects in the quantum of credit card benefits that have been mowed out by companies of late, making credit cards far less lucrative than before. <h2>HDFC takes lead </h2>During August 2024, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC bank</keyword> added a total of 2.41 lakh credit cards, taking its total tally of active credit cards to 2.19 crore. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> came a second distant, adding 1.45 lakh credit cards during the month, which means that the second-largest credit card issuer now holds over 1.75 crore active credit cards. Axis Bank and SBI Cards also added 1.27 lakh and 1.1 lakh cards, respectively to their repertoire during the month, while the growth numbers at Kotak Mahindra Bank remained largely flat, stagnating the bank's total card tally at 54.13 lakh. This was due to the ongoing ban on the bank due to its weak IT infrastructural issues imposed by RBI in April 2024. If anything, the bank's number of credit cards declined by 61,191 during the month. Even as the festive season approaches, experts think that it is unlikely to make a major dent in credit card spendings, which are expected to see a further slowdown in the quarters to come.

You Searched For "slowdown" and got 9 results

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

PTI

Sam Altman says 'there is no wall' in an apparent response to fears of an AI slowdown

Robert Scammell

Partner pay at Big 4 firms is dropping, the latest sign of the consulting slowdown

Polly Thompson

All eyes are on TSMC earnings as the chipmaker industry faces slowdown worries

Jennifer Sor

Miu Miu is hot right now — and Prada's chic sibling is helping it buck the luxury slowdown

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