US-64 Posts Big Negative Income

Mumbai, July 30: | Updated: Jul 31 2002, 05:30am hrs
US-64, the flagship scheme of Unit Trust of India (UTI), has posted a negative income of Rs 793.39 crore during the year to June 30, 2002 (July-June) owing to heavy redemptions.

MIPs Bleed Rs 1,937 Cr
Jai Kumar NR
New Delhi, July 30: UTIs monthly income plans (MIPs) have seen a massive value erosion of almost Rs 1,937 crore during the past one year. The fourteen MIPs run a negative reserve of Rs 3,740 crore as on June 30, 2002, according to UTIs latest half-yearly results.
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The scheme had a corpus size of Rs 12,662.15 crore as on June 30, 2002.

However, it must be noted that the US-64 sale window was closed for six months. During the second half of the financial year, the negative net income of US-64 stood at Rs 111.85 crore as against a negative income of Rs 681.54 crore in the first half, indicating easing of pressure on the scheme. UTI has a July to June financial year.