Mar 7, 2001|
IT funds slide despite good budget
The net asset values (NAVs) of IT (information technology) funds have witnessed a slide despite what is largely acknowledged as a good budget.
|Open-ended, IT Schemes
|BSE - 30
|S&P CNX Nifty
|S&P CNX 500
|Tata IT Sector Fund
|Sun F&C Emerg Tech (Gr)
|K P Internet Opport.(Gr)
|Chola Freedom Tech (Cum)
|Pru ICICI Tech. (Gr)
|Alliance New Millenn (Gr)
|Birla IT Fund (Gr)
|UTI Sector- Software
|Magnum Sector Funds-IT
|DSP ML Tech.com (Gr)
|K P Infotech (Gr)
|IL&FS eCOM Fund (Gr)
There were many positives for the IT sector in the Union budget 2002. Removal of 10% surcharge on custom duty, hike in foreign institutional investor (FII) investment limit to 49%, investment of ADR/GDR proceeds aboard, are some of the key issues addressed by the finance minister in the budget. These measures were supposed to have had a positive impact on the IT industry. The markets certainly greeted these measures most warmly as was apparent from the 170+ point surge on the day of the budget.
However, events have taken a most dramatic turn since. IT stocks have witnessed a free fall over the past few days and this is attributed largely to ‘price manipulation’ by brokers. The Securities and Exchange Board of India (SEBI) has set up a team to investigate this issue.
So what was a dream for the markets has turned into a nightmare. The mutual fund investor must be wondering what went wrong as he finds his delight turn to distress.
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