India Financial Daily, 25 June 2026

Research evidence excerpt

India Financial Daily, 25 June 2026

om Performers Price %1d

average spend/card seeing marginal MoM improvement. (26 Jun, Business Standard) CSBBandhanBankBank 325202 -6%-5%

ABSL AMC 1,140 -5%

Board nod for PFC & REC merger creating Rs11trn lending entity. Boards of Power Finance Tamilnad Mercantile Bank 732 -4%

Corporation (PFC) & REC have approved their merger, creating a Rs11trn loan book entity. IFCISatin Creditcare Network 23177 -3%-3%

Under the proposed structure, REC will merge into PFC with a share exchange ratio of 88 PFC .Source: Bloomberg, Jefferies; Universe covers financials with

mkt cap > US$200mn

shares for every 100 REC shares. The merged entity to retain its ‘government company’ status

& majority state ownership. (28 Jun, Business Standard) Exhibit 4 - Key events to watch out for

Calendar Events/results

S&P Global Composite PMI SA (Flash), S&P Global PMI Manufacturing SA (Flash), S&P

06/23/2026

Global/HSBC India Services PMI (Flash)SBI-Telangana land dispute resolved; bank to withdraw case. SBI & the Telangana 06/19/2026 Bank loan Y/Y, Deposit Y/Y, Foreign Reserve

06/26/2026 Foreign Reserve

government have resolved their land dispute, with the bank withdrawing its case and accepting 06/28/202606/29/2026 IndustrialBank loan ProductionY/Y, DepositNSAY/YY/Y

loan Y/Y, Deposit Y/Y, S&P Global Composite PMI SA (Final), S&P Global/HSBC India Servicesan alternative site, along with an additional plot for a data centre in Future City. This removes a 07/01/202607/03/2026 S&PBankPMI (Final),Global PMI Manufacturing SA (Final) Foreign Reserve

CPI Y/Ypotential overhang on the bank’s relationship with the state government. (28 Jun, Business Line) 07/10/202607/12/202607/14/2026 Foreign Reserve Monthly WPI NSA Y/Y

07/15/2026 Exports YoY, Trade Balance NSA, Imports YoY