Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (263)	2/28/2000 10:55:00 AM
From: Mohan Marette	Read Replies (2) \| Respond to of 494

India UTI's 1H Net Income Up 240% At INR60.46 Bln (Unit Trust of India (UTI) is India's largest mutual fund organisation. UTI manages funds over Rs.63,548.02 crore ($14 bil) and over 45 million investor accounts. The faith and confidence of investors stems from UTI's commitment, as reflected in its long track record of over three decades, to ensure its investors safety, liquidity and attractive yield on their investments.) ====================== Monday, February 28 8:53 PM SGT unittrustofindia.com BOMBAY (Dow Jones)--Unit Trust of India, the country's largest domestic mutual fund, said Monday that its net income in the first half ended Dec. 31 rose 240% "due to dynamic fund management, tighter control on expenditure and the favorable capital market." Net income for the first half was INR60.46 billion, compared to INR17.78 billion in the first half of the previous year, the mutual fund said in a statement. The market value of Unit Trust's fund rose 51% to INR726.98 billion as on Dec. 31, compared to INR480.92 billion at end of 1998. The reserves and surplus of the fund is in the black at INR87.16 billion, compared to a negative reserve of INR6.61 billion at end-1998. Unit Trust said that the reserve position is after an income distribution of INR49.05 billion in 1999. Of the total fund size, the funds of its largest scheme, the Unit Scheme 64, or US-64, rose 60% to INR199.23 billion. The US-64 scheme in the first half sold shares to take profits of INR9.69 billion, the statement said. Unit Trust said that the US-64 scheme did well following the restructuring of the assets and increasing investments in information technology, media and pharmaceutical companies. The investments in this sector was at 26% at end 1999, up from just 9% at end 1998. For the same period, the US-64 funds invested in fast moving consumer goods companies declined to 7.7%, from 12.9%; and that in cyclical companies to 13.15%, from 20.30%. Other than restructure, Unit Trust launched several equity funds, including five growth sector funds. These were the software fund, pharmaceuticals and healthcare fund, petroleum funds, services fund, and a brand value fund to meet the shift in the investors preference for investing in the growth sector of the economy. DJ India UTI's 1H Net -2 Market Seen Bullish This Year Unit Trust of India said that in 1999 it increased its exposure to high growth sectors like information technology, telecommunications, media, and pharmaceuticals, and also increased turnover to take advantage of the favorable market conditions. Reflecting the buoyant market, India's benchmark Bombay Stock Exchange Sensitive Index, or Sensex, closed Monday at 5740.69 points, up 88% from 3055.41 at end-1998. The equity market is continuing to be seen bullish in the current year and is likely to get further support from downward trend in interest rates, the mutual fund said in its statement.