The stock market opened  on Saturday  with no move to recover from  the  disaster  expected.  However,  markets will remain  closed  on Monday as the Maharashtra government has declared  a  holiday under the Negotiable  Instruments  Act.  

 The declaration of  a  holiday on January  22  to  allow  people to  take part  in the Ram Lalla Pran Pratishtha celebrations,  led to protests in the banking and financial  markets,  with  banking  unions  calling  the move  This is “a blatant abuse  of  institutions,  government and  the  public  sector.”

 Citing the  Maharashtra  government’s  notification  declaring  January 22 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881, the Reserve Bank of India (RBI) said there will be no transactions  or payments. Government  securities  accounting  (primary and secondary), foreign  exchange. currency market  and  interest rate derivatives in Rupiah  on January 22. “Settlement of all  pending  transactions will  be deferred  to the next working day  i.e.  January 23,” the RBI said.  The stock market opened  on Saturday  with no move to recover from  the  disaster  expected.  However,  markets will remain  closed  on Monday as the Maharashtra government has declared  a  holiday under the Negotiable  Instruments  Act.  

 In a statement, the Kolkata-based Bank Employees Federation of India (BEFI), one of the nine  banking  unions, expressed concern over the notification issued  by the Department of Financial Services (DFS), Ministry of  Finance issued  on January  18, declared half-day closure of Public Sector Banks (PSBs), PSU Insurance Companies, Financial Institutions and Regional Rural Banks (RRBs) on January 22 January.  

 “The  Ram Lalla Pran Pratishtha scheduled to  take place  on January 22 is only a religious  activity  and not a state function. The Preamble to the Constitution declares India to be a  sovereign, socialist and secular democratic  Republic,” BEFI said,  while calling on  the government to  uphold  the  objectives  of the Constitution in  writing  and spirit. “BEFI strongly  objects to  this highly objectionable  notice  issued by  DFS and demands  its  immediate  withdrawal,”  the  statement  said. 

  In  its  January  18 order,  the DFS said,  “The  Department of Personnel and Training (DoPT) order  relating to Central Institutions  and  Central Industrial Establishments  shall also apply to all PSU banks,  insurance,  PSU financial institutions and  RRB  to enable employees to  join Ram.  Lalla Pran Pratishtha  Celebrations.  

 “To enable employees to participate in the celebrations, it has been decided that all  central  government offices, central institutions and central industrial establishments  across  India will be closed for half  a  day  for to 2:30 p.m.  on January 22,” DoPT said in  a statement.  office  minutes.  

 According to  SC  Garg, former finance secretary,  holidays are of two  types:  one is  a  holiday  when  offices are closed, and the second is  a  holiday  when  all  establishments are  closed. “I understand  that  this  announcement is being made  with  a request to close  all establishments, factories and  other establishments. So  this  includes  RBI, which is also  a facility.  If the Maharashtra government has declared a holiday  (January  22),  applicable to all  establishments, then  it  has to be  implemented,”  said Garg, also a former director  of  the  RBI central board.  

 Queries sent to the Ministry of Finance by The Indian Express  regarding  the  DFS issuing  the  half-day closure  directive for  banks and financial institutions  remained unanswered.  

 “This is not the first  time  of this nature.  Viksit Bharat Sankalp Yatra  (VBSY), launched  by the Prime Minister of the country on November 15, 2023 and scheduled to  last until the  26th of this  month, is  also  carried out  to  mobilize support  for the ruling  regime across country with  the  participation of the government.  and bank  employees.  including its resources,” BEFI said. 

  The  three-day  variable rate repo  (VRR) auction conducted today with  a cancellation  date of  January 22 will now be  canceled on January 23, according to the RBI. The previously announced three-day VRR auction has been cancelled. Instead, the two-day VRR auction will take place  on January 23.  

 The BSE Sensex closed  down  0.36 per cent, or 260 points,  at 71,423.65 and the NSE Nifty fell 51 points at 21,571.80 on Saturday. 

  In another rare instance, the RBI  declared  a  public  holiday on February 7, 2022, after the Maharashtra government  declared  it  a public holiday under Section 25 of the Negotiable Instruments Act,  1881 . mourns  the  passing  of legendary singer Lata Mangeshkar, who passed away on February 6, 2022. Even the stock  market has  declared a  holiday on February 7.  

 The RBI did not respond to queries sent  in this regard.  

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  Even though  India does not have any MAX 9 aircraft in service, the Directorate General of Civil Aviation (DGCA) has made  spot checks  of emergency exits on all its MAX 8  aircraft mandatory. in  this country. 

 American Airlines said Boeing does not anticipate “significant delays” in delivering 737 MAX aircraft to India due to ongoing issues following the recent mid-flight cabin flap explosion on its 737 MAX 9d  aircraft .  Alaska Airlines  of  the United States. 

The aircraft manufacturer’s vice president of commercial marketing, Darren Hulst, said  at Wings India 2024 in  Hyderabad on Friday.  Hulst added  that,  for its part, Boeing will focus on quality control of its aircraft and support the ongoing investigation in the United States. 

 Certainly, no Indian airline is currently operating or even planning to operate the MAX 9 variant of the plane with the broken hatch. Indian  airlines  Akasa Air and Air India  Group  have  placed  large  orders for  MAX 8 and MAX 10  aircraft, which are  expected to be delivered in the coming years. In 2023, Air India  Group  has ordered 190 MAX series aircraft. 

On Thursday, Akasa Air supplemented its previous order of 76 aircraft with another order of 150 aircraft.  While Hulst does not expect long delivery  times,  he emphasized that Boeing is not willing to compromise on quality to meet  promised  delivery  times,  adding that the aircraft manufacturer has  added  adding  a higher  level of quality control to its aircraft manufacturing process. When asked about the nature of conversations Boeing has had with current and potential customers about concerns about the MAX, Hulst said Boeing’s relationship with customers  spans  the ages.  Please contact us  and  we  will  speak  to all customers to resolve any issues. 

 Earlier this month, an Alaska Airlines 737 MAX 9 flying Flight 1282 from Portland to Ontario,  California,  had to make an emergency landing shortly after takeoff after  a  door exploded, causing part of the fuselage to  explode. broken.  . , causing a loss of cabin pressure and leaving a door-sized hole in the fuselage at an altitude of about 16,000 feet. After the incident, the US Federal Aviation Administration (FAA)  banned  all MAX 9 aircraft  from flying  in the US and announced “strict inspection and maintenance” as a necessary step before deciding to hand over  service to  the  airline. this airline.  plane. “Public safety, not speed, will determine when to return these aircraft to service,” the FAA said in a statement Wednesday. Due to this incident, several airlines with MAX 9 aircraft in other countries have also grounded their aircraft.  Although India does not have any MAX 9 aircraft in service, the Directorate General of Civil Aviation (DGCA) has  carried out  mandatory  spot checks  of emergency exits on all  MAX 8  aircraft in the country. enforce it  satisfactorily and without  causing harmful consequences.  Air India Express, Akasa Air and SpiceJet have MAX 8 aircraft in their fleets. 

 The 737 MAX has had quite a  checkered  past, and Alaska Airlines’ latest incident  only adds  to Boeing’s woes. Launched  to  great fanfare by Boeing a few years ago, the 737 MAX  family suffered a heavy blow when two  planes  crashed within a six-month period from October 2018 to March 2019,  leading to a ban on  the  model  this flight  by  regulatory agencies  around the  world. world. Flight.  

After months of investigation, rectification and testing, the FAA authorized the 737 MAX in November 2020, followed by the  green light from the  European Union Aviation Safety Agency  in January 2021. DGCA  had to wait even  longer to allow the 737 MAX to take off. skies only in August 2021, making India one of the last major aviation markets to allow the aircraft to operate. Over the next two years, even as the 737 MAX began to gain the trust of airlines and aviation regulators around the world,  the plane’s  production  was  continually plagued  by problems on the quality and specifications of certain parts from suppliers. 

 Alaska Airlines’ latest incident comes just days after Boeing ordered 737 MAX operators to conduct inspections after discovering a loose bolt in the rudder control system of one of its planes. 

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| Companies no longer need to wait to build  the  first  aircraft designed and  manufactured  entirely in India:  PM 

 The  Prime Minister emphasized  that India should  accelerate its  efforts to  create  a leading aircraft manufacturing ecosystem by  leveraging its  MSME network and  diverse talent pool.  

 Prime Minister Narendra Modi  on  Friday said  companies  need not wait any  longer  to  build India’s  first fully designed and manufactured aircraft,  thanks to the ‘Make in India’ policy. strength  and  stability in Indian  governance.  

 Modi was speaking after inaugurating the new state-of-the-art  campus of the  Boeing India Engineering & Technology Center (BIETC)  at Devanahalli,  near  the  Kempegowda International Airport in Bengaluru. 

  The  Prime Minister emphasized  that India should  accelerate its  efforts to  create  a leading aircraft manufacturing ecosystem by  leveraging its  MSME network and  diverse talent pool. 

  “We  need  to  accelerate  the process of establishing  an aerospace  manufacturing ecosystem in India. We have a  strong MSME network,  talent pool, stable governance and  a  strong Make In India policy. This makes it a win-win situation for all  sectors. I  hope  that aircraft manufacturers  will not have  to wait  much longer  to build  the  first  aircraft  designed and manufactured  entirely in India,”  the Prime  Minister said.  

  Mr.  Modi also launched the Boeing Sukanya  program to help more girls join  the  country’s  growing aviation sector. 

  The  program  will  give  girls and women  the opportunity  to learn  essential  science, technology, engineering and  mathematics  (STEM)  skills  and  training  in the aviation sector. For young girls, the  program  will create STEM  labs in  150  locations  to help spark interest in STEM careers. The  program  will also provide scholarships to women  undergoing pilot training.  

 The  Prime Minister emphasized  that India is  the  hub  of  STEM education and  more girls  than boys take  up STEM courses  in India. He also said that India is better  positioned globally  in terms of  women’s  participation in the aviation industry. “Of all the pilots in India, women  constitute  15%. This  figure  is three times  higher  than the global average. India is making continuous efforts to  create  opportunities for women in the  field of  aviation and  space  and  transform  them  into  fighter pilots. The Boeing Sukanya  program  will  attract  more women to  pursue  aviation  careers,” Mr. Modi said.  

 Highlighting  India’s  growth in the civil aviation sector  over  the  past  10 years, Modi said  the number  of operational airports  in India  has  increased  from 70 in 2014 to 150  by  2024 and India has become  third largest  domestic  aviation market.  “The  number of  domestic  passengers  in India  will  increase in the coming years, which is why Indian  airlines  have  ordered  100 aircraft. With  the efficiency and capacity of Indian  airports improving,  the cargo sector has grown, making international markets more accessible. India is also making efforts to reduce  its  reliability  abroad in aircraft  leasing and  financing,” Mr. Modi said.  “With over 25  million  people lifted out of poverty in the last nine years,  more  Indians are now  living middle-class lives  and every income group is  experiencing higher mobility,”  the  Prime Minister  said. 

  To  meet  the  need  for pilots and mechanics in the Indian aviation industry, Boeing will invest in  simulation  infrastructure,  software  and  create training programs to meet  the  country’s  need for new  pilots. water in  the next 20 years. Part of this investment will be  aimed at  supporting  customer  ambitions,  with  some companies such as Air India  looking at setting up  their own training  businesses.

 Boeing’s  largest investment outside  the  US

 Built with an investment of Rs 1,600  crore,  the 43-acre campus at  Devanahalli,  near  Bengaluru’s  Kempegowda International  Airport,  is  Boeing’s  largest  investment outside the US.  Boeing’s  new campus in India is expected to become a  platform  for  collaboration  with  India’s  vibrant startup, private and government  ecosystem,  and  contribute to the development of world-class products and services.  next generation  for the global  aviation,  aerospace and  defense industries.  

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 Jio Platforms Ltd,  RIL’s  digital arm,  posted  an  11.6%  rise in net profit  to  Rs 5,445 crore  in  the December quarter (Rs 4,881 crore last year) and  revenue of Rs 32,510 crore (Rs 29,195 crore). 

  Supported  by  gains from its  digital and retail  businesses,  Reliance Industries Ltd (RIL), the largest listed company  by  market  capitalization,  reported a  10.9%  rise in consolidated net profit  to  Rs 19,641 crore  in  the quarter  ending  December 2023  compared to 2023.  Rs 17,706 crore in the same period last year. 

  Net  profit (attributable to  company owners)  rose  9.3%  to Rs 17,265 crore in the third quarter (Q3FY24)  from  Rs 15,792 crore a year ago.  Operating revenue grew 3.2%  to Rs  2,48,160  crore in  the third quarter, compared to  Rs  2,40,532 crore  last year.  

 Jio Platforms Ltd,  RIL’s  digital arm,  posted  an  11.6%  rise in net profit  to  Rs 5,445 crore  in  the December quarter (Rs 4,881 crore last year) and  revenue of Rs 32,510 crore (Rs 29,195 crore).

 Reliance Retail Venture Ltd (RRVL), the retail  arm  of RIL,  reported  a net profit of Rs 3,165 crore in the  last  quarter  compared with  Rs 2,400 crore a year ago and revenue of Rs 83,063 crore (Rs 67,623 crore).

  “Jio has  achieved  the  world’s  fastest  True 5G  service deployment  in  India.  Every  city  and  town  in the country is now equipped with high-speed digital connectivity, which will usher in a new era of  possibilities,” said Mukesh D Ambani,  Chairman and Managing  Director, RIL. unprecedented digital access and technology-driven growth.  

 He also  praised  the  group’s  retail segment for its financial performance. “Reliance Retail remains focused on enriching  the  customer shopping experience by adding new brands and  offers  to its portfolio. Its new  business  initiatives continue to support the growth journey of millions of small merchants through technology,  creating  immense  social  value,” Ambani said on RRVL.  

 He said the oil and gas  industry recorded the  highest  quarterly earnings before interest, taxes,  depreciation  and  amortization (EBITDA) in history.  “KG D6  currently contributes 30%  of  India’s  gas production,  accelerating the  transition  to  a  cleaner,  greener  future.  The O2C  (oil to chemical)  segment  showed solid  performance  thanks to  operational flexibility and strong domestic demand. Reliance has become the first Indian company to chemically recycle pyrolysis oil into circular polymers,” he said.

  Revenue from  RIL’s petrochemicals  business  fell 2.4%  to Rs  1,41,096  crore ($17.0  billion), mainly due to  lower  realized prices,  led by  a 5.3-month  decline in average  Brent  crude oil prices.  %.  Crude oil  prices fell on  concerns  about a  global economic slowdown and seasonal  demand decline.  Crude  oil  supply  remains sufficient  despite  OPEC  countries cutting overall production.  

 RIL shares closed almost  unchanged  at Rs 2,735.05 on the BSE on Friday. It  is up 36%  from  its  52-week low of Rs 2,012.14. 

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 The  company’s  total  revenue  was Rs 15,473 crore in the third quarter, up  0.10%  from Rs 15,456 crore in the  previous  quarter.  

 Hindustan Unilever Limited (HUL)  reported a  standalone net profit of Rs 2,519 crore in the December quarter of financial year 2023-24 (FY24),  up  just  0.55%  from Rs 2,505 crore in the same  period  of the  financial  year before .

 Further, the company reported a 7.28 per cent  sequential decline  in profit  from Rs 2,717 crore in the previous quarter, HUL said in a regulatory filing on Friday. 

  The  company’s  total  revenue  was Rs 15,473 crore in the third quarter, up  0.10%  from Rs 15,456 crore in the  previous  quarter. The FMCG  category  reported  a sequential decline in total revenue growth of  0.55 per  cent,  from Rs 15,559 crore in the September quarter.  “HUL  delivered another quarter of resilient performance  driven by  strong operating fundamentals  in  a challenging operating environment.  Rohit Jawa, Chairman, Managing Director and CEO, HUL said, “Our  focus on  delivering  the right  value to consumers, execution excellence,  increased investments  in Brands  and capabilities,  premiumization  and market development  continue  to serve us  well.”  

  Increased  government spending,  continued winter crop planting and better harvests are likely to contribute to a gradual  recovery in  market demand,  he added, stressing  that rural income  growth  and  Winter  crop yields are  the  “key factors”  determining  the pace of recovery. 

  “Against  this  backdrop,  our  goal  remains  to drive  competitive volume growth  while increasing  investment  in  our brands and  our  long-term strategic priorities. We remain confident  in  the  medium  to long-term potential of  the  Indian FMCG  industry  and HUL remains well-positioned to unlock this opportunity  while addressing  short-term challenges,” Jawa said.  “EBITDA margin at 23.7% improved 10  basis points compared to the  December  2022 quarter. A&P gross  and  capex margins  increased 400  basis points  and 270  basis points.  We continue to  run  our business  with agility  by ensuring  the  right price-value equation and investing competitively  in  our  brand  and  capabilities for the long term,”  HUL said.  

 The FMCG major said  it  reported  underlying volume growth (UVG) of  2%. Home,  beauty and personal care, which  make up approximately 75%  of our  business, continued  to  recover in  volume  and  recorded UVG in the  mid-single  digits,  the  company  said. 

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  According to  the ministry, special  vehicles in these 100 cities are developing about 8,000 multi-sectoral projects  worth  over Rs 1.7  billion.  

 The Union  Ministry of  Housing and Urban Affairs  on Thursday said that so far, over 600  km  of cycle  lanes  have been  developed  in 100 smart  cities  and over 76,000 CCTV surveillance cameras have been installed.  Under  the Smart  City mission,  6,855 “smart classrooms” and 40 digital libraries have been developed, along with the installation of  more than 50,000,000,000,000,000  solar and LED  street lights. In addition,  89,000  km  of underground  electric cables  have been  built.  

 What  else  did the ministry say?  

According to  the ministry, special  vehicles in these 100 cities are developing about 8,000 multi-sectoral projects  worth  over Rs 1.7  billion.  As of January 15, 6,650 projects worth Rs 1.32 lakh crore have been successfully completed. The release of this data comes as the  deadline  for the mission  is set for June  this year.  

 Mission Director Kunal Kumar,  speaking at  the India  Smart  City  Expo, said  the integration of  smart  traffic management  system  with  monitoring system  has  helped improve  road safety. The installation of  more than  76,000 CCTV surveillance cameras in smart cities  will help monitor crime,  he added. As part of  improving  urban  mobility, about  1,300 smart mobility projects have been  implemented and  383  are  nearing completion. 

  Invest  in projects 

  According to  the ministry, the total investment in these smart mobility projects exceeds Rs 40,000 crore.  He said so far, more than  2,500  km  of smart roads  with  universal accessibility, utility  paths  and  appropriate signage  have been  developed. In addition, more than  7,500 new buses, including  more than  2,000 electric  vehicles,  have been  purchased  and 600  km  of  bicycle paths  have been  built  in 100 smart cities. 

  Smart traffic  management systems are  deployed  and monitored through  integrated command  and  control centers, helping  to  improve  traffic operations,  enforce  traffic  violations  and  reduce travel  times.  The ministry revealed that 674 economic infrastructure projects have been  completed and another  263  projects are  under implementation,  with  total investment exceeding Rs 13,800 crore.  The  move is expected to position smart cities as growth  poles,  attracting investments and  creating  jobs through initiatives  such as startup  incubation centers and market redevelopment projects.  school.  

  Additionally,  155 environmental sensors  were  installed and  more than  5,300  staff  and volunteers  were  trained  in  disaster response. 

  Recognizing  the  importance  of  partnering  with the private sector, 186  public-private partnership  projects have been  completed  and another 20 projects are currently  under implementation  with a  total  investment of  around  Rs 11,000 crore. 

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 Tata Consumer Products on Friday announced that its board of directors have considered and approved the fundraising of up to Rs 6,500 crore. In a regulatory filing, the company said that it has approved raising of funds through the issuance and allotment of Commercial Papers, for an amount not exceeding Rs 3,500 crore, and also raising of funds by way of issue of equity shares of the company of face value Re 1 each through rights issue for an amount not exceeding Rs 3,000 crore. 

 “For the purposes of giving effect to the rights issue, the detailed terms to the rights issue including but not limited to issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course by the Board, or the ‘Capital Raising Committee’ constituted by the Board, in accordance with applicable laws, subject to receipt of necessary approvals, as may be required,” it said in the exchange filing. 

  Tata Consumer Products said that the funds amounting to Rs 3,500 crore is to be utilized for bridge funding to facilitate the payment of consideration for proposed acquisition of stakes in Capital Foods Private Limited and Organic India Private Limited. 

  Earlier on January 12, Tata Consumer Products had announced that it has signed definitive agreements to acquire 100 per cent equity shares of Capital Foods, owner of the brands ‘Ching’s Secret’ and ‘Smith & Jones’, in a phased manner.  75%  of the  shares  will  vest  upfront and the  remaining 25%  will  vest over  the next three  years. This  acquisition is aimed at enabling Tata Consumer Products to expand its product portfolio and further strengthen its pantry platform. The overall size of the categories in which Capital Foods operates is estimated  to be  Rs 21,400 crore. 

 Sunil  D’Souza, Managing Director and  CEO, Tata Consumer Products,  said:  “We believe this is a  strategic and financial fit.  This  will open up significant market opportunities in the  rapidly growing  non-Indian  cuisine  segment, leveraging the sales and distribution platform  we have built. The strong brand  awareness  of  Ching’s  Secret and Smith &  Jones, combined  with our operational strength across  all channels,  makes us extremely confident  in our ability to drive revenue  growth and  realization maximize  cost synergies. This transaction will accelerate  our business  momentum  and  increase  our  margins.  

 On the same  day,  Tata Consumer Products  also announced that it has signed definitive agreements to acquire up to 100% of the issued  share capital of Organic  India. The  move is  in line  with Tata  Consumer’s  strategic intent to expand its product portfolio and  focus.  addressable  markets  in  high-margin, fast-growing  categories. This acquisition will create a  health and wellness  platform for Tata Consumer Products. The  total addressable market  for the categories  where  Organic India  has a presence  is Rs 7,000 crore in India and Rs 75,000 crore in international markets where Tata Consumer has a strong presence. 

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 The first  preliminary estimate  released by the National  Statistics  Office (NSO) earlier this  month showed that  the  country’s  economy is expected to grow  by 7.3%  in the current  financial year.  

  According to an article published in the January monthly bulletin of the RBI, in the  financial year 2024-25, the focus should be  on maintaining the  growth momentum by  ensuring  real GDP growth of at least  7%.  

 For the current  financial year  ending March 31, 2024, the RBI  forecasts  real GDP growth of  7%.  The first  preliminary estimate  released by the National  Statistics  Office (NSO) earlier this  month showed that  the  country’s  economy is expected to grow  by 7.3%  in the current  financial year.

  RBI Governor Shaktikanta Das in Davos  on Wednesday  said  India’s  GDP growth  will  reach 7%  in 2024-25.  “In India, potential  yields are improving,  with actual  yields higher,  although the gap is moderate. In 2024-25, the  aim is  to  maintain  this momentum by  ensuring  real GDP growth of at least  7%  in an environment of macroeconomic stability,” the RBI  paper  said.  Therefore,  inflation  must be appropriate and stick  to  the target  in  the second quarter of  this year  as  expected, he  said.  

 The government has  directed  the RBI to  maintain the  CPI  between 2 and 6%.  Headline inflation,  measured by  annual  changes in the all-India  Consumer Price Index  (CPI),  increased slightly  to  5.7% in December 2023, from 5.7%  in December 2023  0.6%  in November. For  the  financial year 2024-25 (FY24),  the  RBI expects  the  CPI  to be  5.4%.  CPI inflation  in the  first  quarter of fiscal 2025  is  forecast  at  5.2%, in the second quarter  at  4%  and  in the third quarter  at  4.7%.  

 In his speech at Davos, Das said  CPI inflation is expected to average around  4.5%  in  the financial year  2024-25.  

 The latest Financial Stability Report  (FSR)  released by the RBI last  month  said that the gross non-performing assets  ratio  (GNPA)  of banks  fell  to a multi-year low of 3.2 per cent and the  total  non-performing assets  (NNPA)  to  0.8% by  September 2023. 

  The  benefits from  the  ongoing transformational  technological change  must be harnessed for inclusive and  participatory  growth in a  healthy and  risk-free environment, the article said.  “Above all, the  legitimate driving force for  investment  comes  from  public investment that  must be  linked  and even led by the  business  sector,  complemented  by foreign direct investment,”  he  said.  

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 The outlook has  deteriorated rapidly  for  India’s  $433 billion banking  industry  after a rare  sell-off at  HDFC Bank Ltd., the  country’s largest  private sector lender. 

  An index  of the  nation’s  12 largest banks is  expected to have  its worst week since September,  wiping  nearly $21 billion in market value  as of Thursday’s  close. Two-thirds of  this massive  loss  was attributed to  HDFC Bank, whose quarterly  figures  showed falling net interest margins and weaker deposit growth. 

  Indian  lenders  enter  2024  with  their best annual  US dollar  gain  in four years. The sector was  considered  a  popular pick,  along with  technology stocks,  in an informal survey of market participants  conducted  by Bloomberg last month. HDFC  Bank’s  earnings  are  now  raising concerns over  reports from peers ICICI Bank Ltd., Kotak Mahindra Bank Ltd. and Axis Bank Ltd. 

  “The days  of  banks  trading  at more than three times their  book value  are  over,”  said Seshadri Sen, strategist at Emkay Global Financial Services Ltd. “Most large-cap banks are expected to  have  slower earnings growth in FY25  compared to previous  years, which  will pressure stocks.”  

  Goldman Sachs Group Inc analyst Rahul Jain wrote on Thursday that private-sector  banks and non-bank lenders “could also  struggle”  if they  seek  market share  of lending  at  a lower cost. interest charges because  liquidity  is still limited.  ICICI Bank and Kotak Mahindra will  announce their  quarterly  results  on  January 20 and  Axis Bank  is expected  to announce  them  on  January  23. 

  The  industry’s declining outlook is  bad news for the  entire  market. The  country’s  top five private lenders  account for  more than a quarter of  India’s  key NSE Nifty 50  index,  and banks accounted for 15% of the  index’s  gain  over the  year,  according to  data compiled by  Bloomberg. 

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