MFs go long on new-age companies, beaten-down stocks

Top mutual funds lapped up beaten-down shares of new age businesses and recently-listed companies in March. SBI Mutual Fund, , Nippon India and UTI bought One97 Communications — parent of Paytm, which has been under selling pressure since its listing on November 18. The stock had fallen to a low of Rs 520 on March 23, more than 75% below its IPO price of Rs 2,150. Since then, it has recovered 32% to Rs 688 as on Wednesday.

During the month, these funds also bought afresh shares of

(Policybazaar), , , which too were out of favour on Dalal Street.

Amidst rising inflows into equity funds, fund managers bet on the ‘re-opening trade’, buying shares of airlines, hotels, malls, entertainment and logistics. Prominent companies such as Indian Hotels, KPR Mill, V-Mart Retail, Sundaram Finance, Bharat Forge,

, and Barbeque-Nation Hospitality have been bought by fund managers of leading fund houses for their March 2022 portfolio.

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