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UTI-II to have 55% of sector's equity exposure

Prakash Bangera in Mumbai

The UTI-II will continue to lead all other mutual funds in terms of exposure in the equity market, with a 55.32 per cent share as on July 31, 2002.

The market value of the equity exposure of all mutual funds together stands at Rs 11,547 crore (Rs 115.47 billion).

The UTI-II, with an equity exposure of Rs 6,388 crore (Rs 63.88 billion), will be the largest among all private sector and other institutional funds taken together. The other 15 mutual fund together had an equity exposure of Rs 5,160 crore (Rs 51.60 billion) accounting for 44.68 per cent of the total equity exposure.

However, UTI-II will have command over a modest 14.84 per cent in the total debt exposure of the sector. The investment in debt securities of UTI-II stood at Rs 5,217 crore (Rs 52.17 billion) as on July 31, 2002, while other 15 mutual fund have invested Rs 29,930 crore (Rs 299.30 billion) in debt securities.

Among other mutual funds, Pioneer ITI Mutual Fund, with an exposure of Rs 1,093 crore (Rs 10.93 billion) in equity shares, ranked second. Alliance Capital AMC was the third largest fund with an equity exposure of Rs 954 crore (Rs 9.54 billion).

It was followed by Prudential ICICI with Rs 685 crore (Rs 6.85 billion), Birla Sunlife AMC Rs 614 crore (Rs 6.14 billion) and Zurich India AMC Rs 391 crore (Rs 3.91 billion).

ITC is the single largest stock in UTI-II's portfolio, with the holding having a market value of Rs 547.62 crore (Rs 5.476 billion). Data available for the 37 schemes under UTI-II shows that these hold 86.74 lakh (8.674 million) ITC shares, accounting for 3.16 per cent of the total equity capital of ITC.

Reliance Industries ranked second in the UTI-II portfolio with the market value of the investment at Rs 474.16 crore (Rs 4.741 billion) -- 193.57 lakh (19. 357 million) shares or 1.76 per cent of RIL's equity cap.

Infosys Technology is third in the portfolio with market value of Rs 418 crore (Rs 4.18 billion) -- 13.74 lakh (1.374 million) shares).

Hindustan Lever is fourth with the market value of the investment at Rs 402 crore (Rs 4.02 billion), followed by HPCL (Rs 305 crore or Rs 3.05 billion) and Hindalco (Rs 203 crore or Rs 2.03 billion).

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