Interim Management Statement

RNS Number : 1875A

New India Investment Trust PLC

30 July 2008

 



New India Investment Trust PLC

Interim Management Statement - 3 months to 30 June 2008

To the shareholders of New India Investment Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 April to 30 June 2008, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To achieve long-term capital appreciation by investing in companies which are incorporated in India or which derive significant revenue or profit from India, with dividend yield from the company being of secondary importance. This emphasis on long-term capital appreciation will be demonstrated by benchmarking the Company's net asset performance against the Morgan Stanley Capital International India Index (in sterling terms).

Benchmark

MSCI India Index. Given that the manager does not adopt a benchmark approach, performance can vary widely form the benchmark.

Material events            

In January 2005, New India Investment Company (Mauritius) Limited, the wholly-owned subsidiary of the Company (the 'subsidiary'), issued a warrant instrument to the Company, giving the Company the right to purchase up 38,350,900 Preference shares, at an exercise price per share of £20 per share (the 'Warrant'). The Warrant is exercisable for 10 years from 14 January 2005. The subsidiary also has the right to purchase the Warrant in part or in whole.    

On 15 May 2008, the subsidiary purchased part of the Warrant, in relation to 405,900 Preference shares, at a valuation based on the subscription price of £20.00. In aggregate, proceeds of £3,004,000 were received by the Company in the form of a partial capital redemption. These proceeds have been credited to the capital reserve of the Company, and invested primarily in Global Depositary Receipts, with the remainder being held in cash or its equivalent.

On 18 June 2008, the trust purchased 1,575,000 of its own 25p ordinary shares at 139 pence per share for cancellation.

The trust will shortly send its annual report and accounts for the year ended 31 March 2008 to shareholders.  

The Board is not aware of any significant events or transactions which have occurred between 30 June 2008 and the date of publication of this interim management statement which would have a material impact on the financial position of the trust.

For latest NAV and share price information please refer to the trust's website, www.newindia-trust.co.uk.

Fifteen largest equity holdings at 30 June 2008

	%
Infosys Technologies	10.1
Satyam Computer	9.6
HDFC	7.8
ICICI Bank	5.6
Tata Consultancy Services	5.5
Hero Honda	5.0
Grasim Industries	4.0
Sun Pharmaceutical	3.9
GlaxoSmithKline	3.6
Piramal Healthcare	3.4
GAIL	3.3
ITC	3.3
Hindustan Unilever	3.2
Bharti Airtel	2.9
Motor Industries	2.8
	__________
Total	74.0
	__________
Total number of investments	30

Sector allocation as at 30 June 2008 (%)

Sector	Trust	Benchmark
Information Technology	26.6	16.4
Financials	16.8	22.1
Healthcare	12.5	4.4
Consumer Staples	9.3	5.5
Consumer Discretionary	8.7	2.8
Utilities	7.4	5.0
Materials	6.7	9.5
Industrials	5.2	8.4
Energy	3.4	22.4
Telecommunication Services	2.9	3.6
Cash	0.5	-
	__________	__________
Total	100.0	100.0
	__________	__________

General description of Company's financial position and performance as at 30 June 2008

	£m
Gross Assets	71.5
Debt	nil
Gearing	nil
Capital structure
Ordinary Shares	46,287,750
Warrants	12,805,290

Cumulative performance (%)

	as at  30/06/2008	1 month	3 months	6 months	YTD	1 year	3 years	Since portfolio change 31/01/05
Share Price	124.0p	(16.8)	(10.6)	(25.1)	(25.1)	(11.7)	18.7	31.4
Diluted NAVA	142.5p	(14.7)	(11.7)	(27.8)	(27.8)	(11.7)	37.8	54.7
Undiluted NAVA	154.2p	(16.7)	(13.2)	(30.9)	(30.9)	(13.3)	46.5	66.0
Warrant 2010 Price	44.5p	(25.2)	(25.2)	(37.5)	(37.5)	(31.0)	34.8	58.9
MSCI India		(20.1)	(19.8)	(41.4)	(41.4)	(12.4)	73.7	103.4

Discrete performance (%)

Year ending:	30/06/08	30/06/07	30/06/06	Since portfolio change 31/01/05 annualised
Share Price	(11.7)	26.0	6.7	8.3
Diluted NAV	(11.7)	36.6	14.3	13.6
Undiluted NAV	(13.3)	44.6	16.9	16.0
Warrant 2010 Price	(31.0)	60.2	22.0	14.5
MSCI India	(12.4)	47.9	34.1	23.1

Total Return; NAV to NAV, Net Income Reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par.

Source: Aberdeen Asset Managers Limited, Factset, Financial Times and Fundamental Data

A Excluding current year revenue

Please note that past performance is not necessarily a guide to future performance. The value of shares may go down as well as up, and an investor may not get back the amount invested.

For New India Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

30 July 2008

 

END

 

 

IMSWUUBUMUPRUBU