Buy Shriram Finance Ltd for the Target Rs. 770 by Motilal Oswal Financial Services Ltd

* Estimate disbursements of ~INR453b, leading to AUM of ~INR2.8t (up 16% YoY/ ~4% QoQ).
* Credit cost is likely to increase ~25bp QoQ to 2.2%.
* Margin is expected to expand ~10bp QoQ to 8.7%.
* Commentaries on loan growth in CV and asset quality in the 2W and PL segments are the key monitorables.
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