UTI Mutual sold Rs 660 crore worth shares in Jan

UTI Mutual fund called short in the bull market in January 2004 by liquidating portfolio worth Rs 890 crore.

It also bought Rs 230 crore worth securities - thereby becoming a net seller in the month by Rs 660 cr.

In aggregate, the fund house sold 18.60 million shares of 96 companies and bought 16.89 million shares of 73 companies in January.

The fund's shareholding in 275 firms remained unchanged at December 2003 levels.

However, fresh inflows in debt and equity fund assets under management of the mutual fund increased by Rs 603 crore to Rs 19,661 crore.

The axe of the UTI fund managers fell largely on public sector stocks and blue chips which had appreciated substantially. The fund was a major buyer in mid-caps and large caps. Among PSU stocks, UTI Mutual sold 20.35 lakh shares of HPCL, around 18.59 lakh shares of SAIL and 15.36 lakh shares of BPCL.

The fund house also sold 5.96 lakh shares of Indian Oil Corporation, 4.81 lakh shares of MTNL, 3.05 lakh shares of ONGC and 2.80 lakh shares of Shipping Corporation.

Among the private sector firms Tata Steel, Reliance Industries, Canara Bank and Digital GlobalSoft tops the selling list. The fund sold 10 lakh shares each of Tata Steel and Reliance Industries, around nine lakh each of Canara Bank and Digital GlobalSoft. in the month of January 2004.

At the same time the fund has bought shares of Indian Overseas Bank, TVS Motors, Satyam Computer, State Bank of India and Neyveli Lignite.

The fund also participated in the public offer made by TV Today by subscribing 6.10 lakh shares. It also subscribed 6.37 lakh shares of Indraprastha Gas.

The fund bought around 19 lakh shares of Indian Overseas Bank, over 10 lakh shares each of SBI, Satyam Computer and Neyveli Lignite. Above six lakh each of ACC and Tata Chemicals.