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July 7, 2001
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Money > Business Headlines > Report July 7, 2001 |
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9 of UTI's top-10 holdings slump in three monthsP Vaidyanathan Iyer Nine of the top 10 equity holdings of Unit Trust of India, as on April 1, 2001, witnessed a fall in prices in the range 0-25 per cent in the last three months. Reliance Industries topped UTI's list of equity exposure. With a market value of Rs 36.48 billion, UTI's stake in RIL stood at almost 10.1 per cent of the paid-up capital of the company. Between April 1, 2001 (Rs 389 per share) and July 5 (Rs 332 per share), the Reliance scrip lost about Rs 57 or 14.65 per cent. ITC Ltd, Hindustan Lever, Infosys Technologies, Reliance Petroleum, Hindalco, MTNL, Larsen & Toubro and Satyam Computer are the other eight scrips, which witnessed a fall in scrip prices. The Satyam scrip dropped the maximum (Rs 56 or 25 per cent) in the three months under review. While the scrip was hovering around Rs 223 on April 1, it was quoting at Rs 167 as on July 5. HDFC is the only scrip in UTI's portfolio to have appreciated in market value between April 1 and July 5. The scrip went up by over 20 per cent and quoted at Rs 665 as on July 5 compared with Rs 546 on April 1. An analysis of the mutual fund behemoth's top 50 equity holdings as on April 1 reveals that it has more than 5 per cent stake in almost half of them. It has 10 per cent or more stake in six companies. Punjab Tractors tops the list with UTI's holding pegged at over 43 per cent. UTI's stake in ITC, Hindalco, BPCL and Himachal Futuristics spread across its different schemes stood at 12.69 per cent, 12.12 per cent, 11.45 per cent and 13.49 per cent, respectively. If UTI goes ahead with the planned sale of block shares, in concert with LIC and GIC, it could have a major impact on the shareholding pattern in these companies. The UTI brass had talked about resorting to "institutional activism" to realise value on its investments. The mutual fund giant has equity exposure in over 1,000 companies, listed and unlisted. Given UTI's significant holdings in various old economy stocks, which have remained largely unaffected by the stock market crash when compared to the ICE stocks, it would not be an issue for the institution to avail of line of credits from other banks or other financial institutions. Powered by YOU MAY ALSO WANT TO READ:
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