MUMBAI, Apr 30: The Tata Asset Management Company (AMC) has identified the schemes under its management that are eligible for declaring tax free dividends, going by the recent budget proposals, for the period ended March 31, 1999. The schemes include, among others, the Tata Tax Saving Scheme (which went open-ended on April 1) and has appreciated by a huge 82.60 per cent. The other schemes are Tata Twin Option Fund (equity option) which has appreciated by 56.40 per cent, the Tata Young Citizens Fund (36.30 per cent appreciation) and Tata Equity Growth Fund (31 per cent appreciation) for the period April 1, 1998 to March 31, 1999.According to the AMC, during the year to March 1999, all the equity oriented funds have outperformed their respective benchmark indices and have shown an increase in growth ranging from 30 to 82 per cent. During the same period the BSE Sensex has declined 5.8 per cent from 3,969 on April 1, 1998 to 3,739 levels on March 31, 1999 and the NSE-50 by 6 per cent.
The close ended TataCore Sector Equity Fund has seen its NAV rise by 32.60 per cent from Rs 8.44 to Rs 11.19 during the oner year period. The open ended income schemes of Tata AMC have also managed good returns. The Tata Income Fund, regular option, has given annualised returns of over 13 per cent with the growth option giving an annualised return of 14.70 per cent.The Liquid Fund launched on April 24 last year has managed to give a return of 10.80 per cent since inception.
During the year to March 31, the Tata Young Citizens fund with equity investments of 55 per cent of the portfolio and the balance in debt and money market instruments, has seen its NAV go up from Rs 12.11 to Rs 16.90 - an appreciation of 38.28 per cent. The net assets under management of the scheme stand at Rs 33.87 crore and the unit capital at Rs 26.72 crore. The Young Citizen Fund has 29 per cent of its portfolio invested in information technology, 26 per cent in FMCG, 24 per cent in pharmaceuticals and 10 per cent in auto and ancillary sector.
TheTata Tax Saving Fund which has shown an appreciation of 82.60 per cent over one year. The fund's NAV rose to touch Rs 18.12 from Rs 9.61 a year earlier. The net assets of the fund was at Rs 23.46 crore on March 31 with the unit capital at Rs 12.94 crore. The portfolio of the scheme has 35 per cent investments in information technology, 29 per cent in pharma and agrochemical sector and 17 per cent in the FMCG sector.
The Tata Equity Growth Fund has seen its NAV jump by 31 per cent to Rs 13.72 from Rs 10.47 a year back. The net assets under management of the fund are Rs 76.85 crore and the unit capital as on March 31 was at Rs 55.99 crore. Investments in infotech, pharma and FMCG form 78 per cent of the portfolio with the remaining 12 per cent in debt. The Tata Twin Option Fund (pure equity option), has given an annualised return of 56.21 per cent with net assets under management at Rs 58.77 crore and unit capital at Rs 39.01 crore.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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