Thirteen state governments and one UT raised Rs. 381 billion through SGS on February 3, 2026, 11.1% below the Rs. 428 billion initially indicated for this week. Notably, Gujarat and Maharashtra together accepted an additional Rs.15 billion through the greenshoe options.

Andhra Pradesh, Gujarat and Karnataka together under-borrowed by Rs. 47 billion compared to the initially indicated level. Additionally, Goa, Odisha and Rajasthan did not participate in this auction despite earlier indicating plans to raise Rs. 21 billion on February 3, 2026. In contrast, Maharashtra and Uttar Pradesh together raised Rs. 21 billion additional SGS beyond their planned amount. The SGS issuance of Assam, Chhattisgarh, Haryana, Jammu & Kashmir, Kerala, Madhya Pradesh, Punjab, Tamil Nadu and West Bengal in this weekly auction was in line with the indicated amount.

EXHIBIT: Spread between weighted average cut-off of 10-year state and GoI G-sec yield