UTI's US-64 scheme reserves soar

UTI's US-64 scheme reserves soar

MUMBAI, APRIL 27: Reserves at the Unit Trust of India's (UTI) flagship Unit Scheme 1964 (US-64) stood at Rs 42.23 billion ($ 967 million) as on March 31, a jump in excess of 31 times over the reserves as at end-June, 1999, UTI said on Thursday.

UTI said US-64's total net income in the nine months to March 31 was Rs 19.27 billion, up 62 per cent from the end-December 1999 level. Net income of US-64 in the quarter to March 31 was Rs 7.38 billion.

UTI faced a crisis of confidence in 1998 after the US-64 reserves turned negative following a slump in the Indian stocks in reaction to the country's nuclear tests. But a subsequent bounce-back of the markets and are structuring of the scheme helped UTI erase its losses.

The Trust said investible funds of all domestic schemeshave risen 20 percent to 724.87 billion Rupees as on March 31 from 604.52 billion as at end-June.

During the same period, UTI's reserves rose to 92.02billion Rupees from 14.92 billion, it said.

UTI said its net income for the nine months to March 31rose to 89.91 billion Rupees from 60.46 billion as at end-December, 1999. ($1 = 43.65 Indian Rupees)