India Financial Daily, 17 June 2026

Research evidence excerpt

India Financial Daily, 17 June 2026

eserve Global/HSBC India Services PMI (Flash), Foreign Reserve

capital adequacy norms by allowing lenders to assign a 0% risk weight to up to 75% of the . 07/28/202607/31/2026 IndustrialForeign ReserveProduction NSA Y/Y

guaranteed portion of ECLGS 5.0 loans, subject to expected claim settlement within 30 days of Source: Bloomberg, Jefferies

guarantee invocation, with the balance exposure continuing under existing risk-weight norms.

This effectively lowers capital requirements for banks, NBFCs and other lenders. (Jun 16, ET)

CCI approves Kedaara's investment in Axis Finance. The Competition Commission of India

(CCI) has approved Kedaara Capital’s Rs7.5bn equity investment in Axis Finance, marking the

NBFC’s first external funding. The capital infusion is a part of a broader fundraise alongside a Prakhar Sharma * | Equity Analyst

91 22 4224 6129 | prakhar.sharma@jefferies.com

Rs15bn rights issue & strengthens Axis Finance’s capital base and supports expansion across

lending segments, improving growth visibility. (Jun 16, ET) Bhaskar Basu, CFA * | Equity Analyst

91 22 4224 6130 | bbasu@jefferies.com

Private firms’ sales growth accelerates to 14% in 4QFY26. RBI data shows sales growth Supratim Datta * | Equity Analyst

of listed private non-financial companies improved to 13.9% YoY in 4QFY26 (vs 10%, 3Q), +91 22 4224 6349 | sdatta1@jefferies.com

supported by strong traction in both manufacturing and services. Manufacturing growth was Vinayak Agarwal * | Equity Analyst

led by autos, electrical machinery and metals (14.5%), while services remained robust with +91 22 4224 6178 | vagarwal2@jefferies.com

non-IT segments seeing sharp acceleration; however, rising input costs continued to weigh on Satvik Kanabar * | Equity Associate