MUMBAI, NOV 11: The recent bull run on the stock markets has boosted the net income of Unit Scheme 64, the largest mutual fund scheme in the country. US-64 has generated a net income of Rs 563 crore during the first quarter of the current financial year ended September 1999. As a result of the bullish market, the reserves of the scheme have bounced back to Rs 2,878 crore during the quarter.According to the UTI, the US-64 scheme saw a net inflow of Rs 714 crore during the period. The net income of Rs 563 crore (net of expenses and provisions) worked out to 4.06 per cent of the unit capital. ``The restructuring of its portfolio and the bull run have put the US-64 scheme on a stronger wicket,'' analysts said.UTI has reported a net income of Rs 2,577 crore for the quarter ended September 1999 and over 300 per cent increase in total reserves of all domestic schemes from Rs 1,491 crore to Rs 6,001 crore. The appreciation in the market value of investments in equity and debentures of all domestic schemes increased by Rs 4,580 crore during July-September 1999, UTI said in a statement here today.US-64 still remained the main contributor to UTI's sales, notching up Rs 1,548 crore out of the total sales of Rs 4,613 crore during the quarter. Repurchases during the period amounted to Rs 3,345 crore, including Rs 832 crore under US-64. The unit capital of US-64 increased 2.3 per cent to Rs 13,857 crore, while its reserves rose manifold to Rs 2,878 crore from Rs 130 crore at the end of June 1999.Equity investments in US-64 portfolio stood at 69 per cent. UTI managed 28 equity schemes with unit capital of about Rs 6,155 crore as on September 1999 and the market value of investments amounted to Rs 10,816 crore. During the quarter, 21 equity schemes outperformed the BSE Sensex, UTI said. The total investible funds in 49 debt and income schemes increased to Rs 35,467 crore from Rs 33,324 crore as on June 30, 1999.
