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July 23, 2001
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Money > Business Headlines > Report July 23, 2001 |
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Questionable stock picks in US-64 between June 2000-April 2001BS Research Bureau Several equity-oriented schemes of the Unit Trust of India made fresh purchases of stocks of questionable pedigree between June 2000 and April 2001. The portfolio of 60 common schemes reveals that the trust bought shares of companies, which were now available below their respective paid-up values. According to published statistics, the UTI made fresh purchases of 31.4 million shares of Geekay Exim, a stock, which seldom trades on the bourses. The portfolio value of Geekay Exim in UTI schemes increased from Rs 22.2 million in June 2000 to Rs 143.4 million in April 2001. However, the market price of Geekay Exim declined from Rs 6.95 in June 2000 to Rs 4.15 in April 2001. The UTI seems to have made purchases in Jindal Vijaynagar Steel during the first and second quarter of 2000. The mutual fund added 8.1 million shares of JVSL to increase the holding from 2 million shares in June 2000 to 10.1 million shares in April 2001. The UTI's schemes made purchases of 6 million shares of Steel Tubes of India (traded at Rs 1.25 in April), around 6 million shares of Indian Organic whose price fell from Rs 8 in June 2000 to Rs 4.75 in April 2001, about 4.7 million shares of MTZ (India) and Morarjee Goculdas, and 2.8 million shares of Shriyam Securities. Powered by YOU MAY ALSO WANT TO READ:
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