M&M Financial top pick in NBFC space: Religare Capital

Gautam Trivedi of Religare Capital told CNBC-TV18, "I would not say that NBFCs haven't corrected, but they haven't had the brutal correction that the PSUs or even some of the privates have had. We like the NBFC space even now and I do agree that this is an intermittent problem of the wholesale funding. Hopefully that goes away and they find a solution around it."

"Our top pick within that space would be Mahindra & Mahindra Financial Services. We just recently met with Ramesh Iyer and the mood there is clearly that they are in a very sweet spot with 700 rural branches given the fact that we have had a great monsoon. I cannot think of a better way to play the rural India theme in this environment than buying M&M Financial. The stock has had about 15-20 percent correction and it is pretty attractive at these valuations," he added.