Revamped
US-64 portfolio heavy with HDFC Bank, BPL, GSFC
Pradip
Kumar Dey, FE
Research Bureau
Shifting its interest from new economy stocks to relatively
safer stocks in the old economy, the Unit Trust of India (UTI)
finds HDFC Bank as a safe bet as is seen in the revamped portfolio
of the US-64 scheme announced on December 28, 2001.
Of HDFC Bank’s total market capitalisation of Rs 6,210.52 crore,
the holding in US-64 is Rs 1,852.31 crore, or nearly 29.83 per
cent, the highest in terms of percentage of marketcap of top
ten holdings.
These changes were seen from the recently released US-64 portfolio.
While the portfolio has dumped most of the IT stocks, the fund
has stayed put in the case of most of the old economy stocks.
HDFC Bank is followed by BPL (11.34 per cent of the company’s
total market cap of Rs 131.44 crore), GSFC (10.55 per cent),
Ballarpur Industries (9.61 per cent), IPCL(7.42 per cent) and
ITC Bhadrachalam (6.20 per cent).
HDFC Bank’s share price has increased by 1.9 per cent to Rs
226.80 as on December 28, 2001 from Rs 222.50 on December 29,
2000. Market capitalisation of HDFC Bank increased from Rs 5,413
crore on December 29, 2000 to Rs 6,210 crore as on December
28, 2001. Interestingly, the list contains 121 A-group companies’
shares. The total market capitalisation of these shares was
Rs 9,142 crore as on December 28, 2001, which is 2.27 per cent
of total market capitalisation of the entire A-group shares
(174 companies).
On the other hand, the US-64 holding in Ranbaxy (0.19 per cent),
HCL Tech (0.06 per cent), Wipro (0.04 per cent) and Bhel (0.04
per cent) was amongst the lowest during the period under review.
Out of these four companies, the highest market cap of US-64
holding was seen in the case of Wipro (Rs 15.20 crore).
Meanwhile, Reliance Industries, with a total market cap of Rs
1,891.82 crore, continues to top the US-64 holding in terms
of m-cap. However, in terms of percentage of holding, it is
only 5.93 per cent.
This is followed by HDFC Bank ( Rs 1,852.31 crore), ITC (Rs
804.23 crore), Reliance Petro (Rs 641.24 crore), Infosys Technologies
(Rs 311.70 crore), Hindustan Lever (Rs 310.81 crore), HDFC (Rs
309.05 crore), BPCL (Rs 191.55 crore), State Bank of India (Rs
184.03 crore) and MTNL (Rs 173.66 crore).
Its holding in Reliance Industries, in terms of total market
capitalisation, accounted for 5.93 per cent as on December 28,
2001.
Significant increase in share prices of some of the US-64 portfolio
entities during the last year was observed in the case of Cipla
(8.4 per cent), CMC (20.6 per cent), Gujarat Ambuja (21.8 per
cent), BPCL (48.7 per cent), EIH (15.2 per cent), HDFC (22.7
per cent) and Bajaj Auto (64.1 per cent).
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