UTI mutual fund has declared the change in the name and objective of its UTI-Growth Sector Fund-Petro Fund. Now onwards the fund will be known as UTI-Growth Sector-Energy Fund. The fund house has changed its objective for the scheme. The scheme launched with an objective to make investment in stocks of companies engaged in the area of oil and gas exploration & drilling, refining, petrochemicals, constructing and managing pipelines etc.
But according to proposed investment objective the scheme will invest in Petro sector covering industries such as oil and gas drilling and exploration, refining of crude oil, distribution of oil, gas, Petro product, pipelines and manufacturing of downstream oil products. The scheme will invest in all types of power generating companies, companies which are in to production of Ethanol business related to storage of energy and companies involved in business of delivering energy in different forms, industrial manufacturing companies which are into manufacturing of equipment related to energy development like Petro and power, and related areas, pipes/cables and laying them. It will also include manufacturing of bulbs and related system consultancy & finance i.e. companies involved in consulting and financing theses businesses.
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