UTI Mutual Fund has declared a dividend of 101% (Rs.10.10 per unit on face value of Rs.10/-) in its open-ended sestor fund - UTI Services Sector Fund.
The record date for the dividend is March 16, 2007. All unitholders registered under the dividend option of UTI Services Sector Fund as on March 16, 2007 will be eligible for this dividend. Also investors who join the dividend option of the scheme on or before the record date will be eligible for the dividend.(Check out - Recent MF Dividends )
Pursuant to the payment of dividend, the NAV of the dividend option of the scheme would fall to the extent of payout and statutory levy if any. The NAV per unit as on March 9, 2007 was Rs 33.88 under the dividend option.
UTI Services Sector Fund was launched in May 1999 as an open-ended equity scheme. The Investment objective of the scheme is to provide investors the benefits of capital appreciation and income distribution through investments in equities and equity related instruments of companies engaged in the business of banking, finance & insurance, education & training, telecom services, travel & tourism, leisure & entertainment, transportation etc.
Ms Gautami Desai the Fund Manager of UTI Services Sector Fund said, “As per the economic survey 2006-07 service sector has contributed as much as 68.6% of the overall average growth of the GDP in last five years indicating vigorous growth performance in the service sector. The objective of UTI Services Sector Fund is to capitalise on this growing service sector pie in India’s GDP. The scheme thus provides an opportunity to investors to participate in this growth.”
“UTI Services Sector Fund is diversified amongst various industries in the service sector viz. banking, software, telecom, power and hotels.” she added
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