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UTI equity tax plan NAV up 16.8 per cent in last quarter
Our Markets Bureau
Mumbai, Jan 28 : Unit Trust of India's (UTI) open-ended Equity Tax Savings Plan (ETSP) has posted a 16.8 per cent growth in net asset value (NAV) during the last quarter by reshuffling its portfolio, which was heavily weighed in favour of new economy scrips. The share of information technology stocks was brought down from 26.02 per cent at the end of October 2000 to 9.16 per cent by December-end. "Gradual reduction of the scheme's exposure to IT and media stocks and increasing the share of telecom and petrochemicals has improved the NAV of the scheme," UTI sources told The Financial Express here. During the last three months the BSE Sensex has witnessed a rise of only 5.5 per cent. The scheme launched on November 15, 1999, has also recorded a 16.85 per cent rise in NAV since inception, while the Sensex has lost 12.39 per cent by January 10, 2001.The scheme has also increased its holding in old economy sectors such as fast moving consumer goods (FMCG) and metals from 8.55 per cent to 18.15 per cent and from 1.18 per cent to 8.57 per cent respectively during the last two months. It has reduced its telecom exposure from 14.96 per cent to 10.78 per cent by December-end and increased its petrochemical holdings to 10.64 per cent from 1.61 per cent earlier. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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