Mid-cap rally aids UTI MF to recast portfolio
Mumbai: The stock market rally in the past six months has come to the aid of UTI Mutual Fund (UTI MF), India's largest mutual fund, says a report. The rally has given the fund a chance to rejig its portfolio. The MF has reduced the number of companies in its portfolio by about 20-25 per cent in order to maximise the returns across a number of schemes.

A K Sridhar, UTI MF chief investment officer, said: "We are churning our portfolio in a big way. Our average turnover (buying and selling) in October had peaked to Rs 2,000 crore compared with Rs 600-800 crore in the previous few months. The turnover has increased drastically in the mid-cap stocks, except in the Master Value Fund which is designed for investment in small and the mid-stocks."
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Hindalco, ITC GDRs gain
Mumbai: The Instanex Skindia DR Index (ISDI) was down 2 per cent at 854.80 in early trades on 21 November on London. Among ISDI global depository receipts, three advanced and three lost ground. The gainers were ITC (up 2.60 per cent at $19.75 registering volumes of 20,000 GDRs), followed by Hindalco (up 1.27 per cent to $26.03 with volumes of 51,410 GDRs) and Bajaj Auto with volumes of 5,000 GDRs, says a report.

The losers were SBI (down 6.45 per cent to $29 registering volumes of 8,000 GDRs) followed by Reliance (down 0.90 per cent to $22 registering volumes of 134,920 GDRs) and Ranbaxy (down 0.21 per cent to $24 with volumes of 1,497 GDRs). Larsen & Toubro remained unchanged at $16.05. On 20 November, the ISDI was down 2.85 per cent to 849.32. It was trading at a price to earnings multiple of 16.46 (down 2.85 per cent).
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