Gupta defends high payout, says US-64 recast needless
Industrial Development Bank of India chairman GP Gupta, who was at the helm of affairs at Unit Trust of India till June 30, has defended the the trust's decision under his stewardship to declare a 20 per cent dividend on the Unit-64 scheme for 1997-98.

UTI alters tack, picks short-term commercial paper
The Unit Trust of India has conveyed to its fund managers at an internal meeting that it is moving towards disclosing the US-64's net asset value (NAV). The Unit Trust has also changed its investment strategy by picking up short-term commercial papers (CPs) of triple-A (AAA) rated corporates.

Expatriates see red, redeem holdings in US-64
Non-resident Indians (NRIs) and overseas corporate bodies (OCBs) have started redeeming their holdings in US-64 in a big way. The crisis of confidence among NRIs will deal a big blow to the proposed $500 million millenniumm bond the Unit Trust of India (UTI) plans to float in the overseas market.

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