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Birla Sun Life Raises Cash Level as India Enters Bear Market

Birla Sun Life Asset Management Co., India’s fifth-biggest money manager, increased its cash level as the nation’s stocks entered a bear market this month amid a rout in global equities.

Birla Sun Life, which raised its cash holdings to about 8 percent from 5 percent three months ago, may use the funds to “catch certain stocks when there is a sharp correction in the market,” Mahesh Patil, who oversees about $3 billion in stocks as co-chief investment officer, said yesterday in an interview in Mumbai. He declined to say when he would deploy the money.