The government's divestment process has resulted in a Rs 670 crore bonanza for the Unit Trust of India (UTI) as public sector unit (PSU) stocks have gained substantially over the last one month.
UTI's gains have been arrived considering the increase in the market value of 26 PSU stocks in UTI's portfolio through its 56 equity, balanced and debt schemes.
The appreciation in market value has been calculated on the assumption that UTI has held on to the portfolio as it had on December 2001.
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The market value of UTI's holding in PSU stocks increased from Rs 1,663 crore on December 31, 2001, to Rs 2,332 crore on February 6, 2002.
IBP has been the highest gainer in the UTI portfolio registering an appreciation of 111 per cent in the last one month. Bharat Earth Movers raked in the second largest gains with an appreciation of 109 per cent.
Container Corporation followed suit gaining 81.4 per cent, while Bharat Electronics went up 62.5 per cent and Shipping Corporation 62.1 per cent.
The two PSU oil majors too gained. HPCL gained 61.5 per cent, while it was 55.3 per cent for BPCL.
In absolute terms, HPCL and BPCL, which are on the divestment list, added Rs 341 crore to the UTI kitty in the last one month. BPCL added Rs 182.6 crore, while the market value of UTI's holdings in HPCL has gone up by Rs 158.8 crore.
National Aluminium added Rs 72 crore, MTNL Rs 50 crore, IPCL Rs 39.8 crore, Bharat Heavy Electricals Rs 29.8 crore, Hindustan Zinc Rs 19.9 crore and Indian Oil Corporation Rs 17.8 crore.