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UTI sales target at Rs 20,000 cr

Our Bureau

MUMBAI, July 3

UNIT Trust of India (UTI) is targeting total sales of Rs. 20,000 crores, under all its schemes, for 2000-01. For 1999-2000, UTI achieved total sales of Rs. 16,445 crores, according to the UTI Chairman, Mr. P.S. Subramanyam.

Announcing the results for 1999-2000 here on Monday, Mr. Subramanyam stated that UTI would remain ``the dominant long-term player in the mutual fund universe of the country''.

The UTI Chairman said 22 out of 28 equity schemes outperformed the BSE Sensex in the past year. The growth registered by the schemes (those that outperformed the Sensex) ranged from 14.68 per cent to 255 per cent. This was achieved through ``dynamic re-b alancing and proactive portfolio restructuring of schemes'', he stated. Recognising the importance of risk management the institution had constituted a committee to manage risk, he said.

UTI's five Growth Sectors Fund (UTI-GSF) recorded a combined sales of Rs. 2,050 crores, more than half of it coming from GSF Software (Rs. 1,100 crores). GSF Pharma was the next biggest contributor clocking sales of Rs. 321 crores followed by GSF Brand V alue (Rs. 237 crores), GSF Petro (Rs. 234 crores), and GSF Services (Rs. 158 crores). Together, these five schemes accounted for 81 per cent of the sales under equity schemes. Repurchases under equity schemes aggregated Rs. 4,773 crores.

During the year, 10 equity schemes declared income distribution: Grandmaster (10 per cent), Mastergrowth (15 per cent), UGS 10000 (20 per cent - maiden), UTI GSF Software (20 per cent - maiden), UTI GSF Service (20 per cent - maiden), Mastergain (15 per cent), Masterplus (12 per cent), UTI GSF Brand Value (10 per cent - maiden), Mastershare (16 per cent in September 1999 and 16 per cent in May 1999) and MEP '99 (15 per cent).

The total sales under debt-oriented schemes aggregated Rs. 9,012 crores. Three Monthly Income Plans collected Rs. 3,093 crores. Fresh sales under Unit Linked Insurance Plan (ULIP) were Rs. 105 crores, the highest ever, according to Mr. Subramanyam. Toget her with renewal contribution, sales under ULIP amounted to Rs. 678 crores.

ULIP earned an estimated net income of Rs. 523 crores on its capital. The sale and repurchase prices for July 2000 are Rs. 15.80 per unit and Rs. 15.50 per unit respectively.

UTI raised Rs. 238 crores under off-shore funds. It launched two new off-shore funds -- India Media Internet Communications Fund and India Infrastructure Fund. The current size of UTI's off-shore funds is Rs. 2,811 crores.

The oldest of the institution's off-shore funds -- India Fund -- outperformed the BSE Sensex and S&P CNX Nifty during the year. The NAV as on June 30 was Rs. 1,621.60 crores and the fund size was Rs. 248 crores.