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Money > Business Headlines > Report September 18, 2001 |
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Cloud over US-64 shiftBS Markets Bureau Tumbling market indices is likely to derail Unit Trust of India's plan to shift to net asset value pricing for its flagship scheme US-64 by October-November ahead of the deadline in January 2002. The benchmark Bombay Stock Exchange Sensex has dipped around 15 per cent since September 11 pulling down the market value of US-64 portfolio. Chairman M Damodaran had announced that the trust would shift to NAV either in October or November ahead of the deadline. Damodaran could not be reached for his comment. One senior UTI official said: "We have not yet to decide the date for shifting to NAV. Where does the question of shifting to NAV arise now? The markets have taken a big hit and any move to shift to NAV would hurt investors' sentiments." UTI had suspended sales and repurchases of US-64 in July. Later it permitted limited repurchases up to 3,000 units from August 1 to ease the impact of the freeze on small investors. In August, UTI had witnessed a outflow of Rs 1.11 billion with average repurchase of 1,200 units from investors at a price of Rs 10. In September also the redemption pressure is nominal. On the National Stock Exchange, the price US-64 dipped by 10 paisa on Monday to close at 8.10 with around 33,050 shares changing hands. YOU MAY ALSO WANT TO READ:
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