Mutual fund managers are increasingly being choosy while picking stocks in the mid-cap and small-cap space amid concerns over rich valuations. In January, they selectively bought pharmaceuticals, while shuffling their holdings in the banking and financial services industry (BFSI) space after shares of private lenders fell on worries about their profitability.
Indian non-bank lender Bajaj Finance plans to raise up to 100 billion rupees ($1.20 billion) by issuing shares and warrants. The move comes at a time of increased demand for loans and competition in the sector, with the entry of Jio Financial Services. Other companies, including Tata Capital and Aditya Birla Capital, are also looking to raise fresh funds. Bajaj Finance last raised funds through a qualified institutional placement in 2019.
