India Financial Daily, 10 July 2026

Research evidence excerpt

India Financial Daily, 10 July 2026

India | Financial Daily EquityJulyResearch10, 2026

Exhibit 1 - System liquidity in small surplus atIndia Financial Daily, 10 July 2026

~Rs1tn as of 9-Jul

As of last close (9-Jul), Nifty was flat & Bank Nifty rose 1%. Choice 6,0004,000 Surplus liquidity/ (deficit) (Rsbn)

International & Capri Global were top performers, while CMS Info & SG 2,000

Finserve underperformed. Over the past month, Nifty was up 3% & Nifty (2,000)0

Bank was up 4%. (4,000)

Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 .

Source: RBI, Jefferies

Shriram Finance raises $1.3bn from foreign banks after rating upgrade. Shriram Finance is

raising a $1.3bn loan from foreign banks, including DBS, HSBC, Standard Chartered & MUFG, Exhibit 2 - Money market trends

to lower funding costs following its recent rating upgrade. The transaction is its first major CallMoneyratemarkets(%) 9-Jul-265.4 8-Jul-265.3 9-Jun-264.9

post-upgrade fundraise and could enable further refinancing at cheaper rates. (10 Jul, ET) 3M10yrCDGsecrate(%)(%) 6.56.8 6.66.8 7.06.9

1Yr AAA (%) 7.4 7.3 7.7

Muthoot Microfin Jun-26 pre-qtr update: Muthoot Microfin’s 1QFY27 AUM grew 18% YoY .Source:10Yr AAABloomberg,(%) Jefferies 7.6 7.4 7.8

(3% QoQ) to Rs15bn, aided by 49% growth in disbursements. The company also commenced

gold loan disbursements through a referral & co-lending partnership with Muthoot Fincorp, Exhibit 3 - Market performance: Indices &

financials

disbursing Rs2bn during the quarter. Collection efficiency (CE) rose 157bps QoQ to 97.97%, Equity Markets Price %1d

with X-bucket CE remaining strong at 99.89%. CRISIL upgraded the company’s credit rating to Nifty Bank 57,252 0.9%

AA- from A+. (9 Jul, BSE Filing) NiftySensex 23,96376,742 0.3%0.3%