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April 16, 2001
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Money > Business Headlines > Report April 16, 2001 |
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UTI chief says fund exited key stocks at peak levelsRakesh P Sharma In spite of the controversies surrounding the Unit Trust of India over its deals with some companies, it has been able to churn its portfolio significantly and make reasonable profits. The fund exited key stocks at their peak levels and, since most stocks in its portfolio were accumulated at historically low levels, it made a killing in the pre-crisis period, according to sources. Speaking on the fund's performance, UTI chairman PS Subramanyam said that the fund had been performing well and booking large profits in most stocks and hence there was no need for concern among investors. As per data collected from UTI, the fund earned a huge profit of Rs 3.34 billion in HFCL alone in the nine months ending March 31, 2001. UTI follows a July-June accounting year. On March 31, 2001, UTI held around 1.01 million shares of HFCL, the bulk of which were accumulated much before the tech boom. In fact, UTI had added a mere 300,000 shares in the last three years, fund sources said. In June 2000, it had booked a profit of Rs 6.73 billion in HFCL. UTI's holding in Zee Telefilm was less than three per cent of the company's equity, sources said. As on March 31, 2001, UTI held 151.1.2 million Zee Tele shares spread across its various schemes. The fund had made decent returns by churning its portfolio and even selling some of the stocks accumulated at historically low prices, the sources added. UTI also made huge profits by selling more than 10 million shares of Reliance Industries at their peak price of Rs 420-425 per share. Since then, the stock price has dipped substantially. UTI funds held more than 5.7 per cent of RIL's total equity at Rs 13.46 billion. Commenting on rumours of UTI's involvement in the market manipulations, Subramanyam said, "UTI is a significant player, but not a mover and shaker in the market. On several occasions in the past we have been sellers, but the market still moved up and, when we were buyers in the market, it still dipped. So, we are no big market mover and shaker." Powered by ALSO READ:
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