Financial Daily from THE HINDU group of publications
Friday, Jul 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 23, 2004 |
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Markets
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Mutual Funds Reliance power fund NAV crosses Rs 10 Our Bureau
Kolkata , July 22 THE power sector fund launched by Reliance Mutual Fund is finally showing signs of upward movement. With the market looking up, buoyed by the positive sentiments flowing from the Finance Minister's latest announcement, the fund's NAV has crossed the Rs 10-mark. The fund's portfolio presents an assembly of leading names in the power sector. At last count, exposure was seen to stocks such as BHEL Siemens, ABB and Jindal Steel & Power. The fund has said that it continues to be bullish on the long-term prospects of the sector, despite talks that the Electricity Act will be in for a review. Reliance Diversified Power Sector Fund, which had assets of Rs 365 crore at the end of last month, had an NAV of Rs 10.04 on July 21, up from a low of Rs 9.51 recorded on June 24. At the end of last month, the return since inception was in negative zone - minus 3.26 per cent. The benchmark index, incidentally, went down substantially during this period. BHEL was the fund's top holding, accounting for over nine per cent of the assets. There was heavy investment in debt paper, with more than seven per cent allocated to REC Bonds.
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