Interim Management Statement

RNS Number : 9341V

New India Investment Trust PLC

20 July 2009

 



New India Investment Trust PLC

Interim Management Statement - 3 months to 30 June 2009

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 2009, 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 MSCI India Index (in sterling terms).

Benchmark

MSCI India Index. Given that the managers do not adopt a benchmark approach, performance can vary widely from the benchmark.

Material events            

On 8 June 2009, the trust sent its annual report and accounts for the year ended 31 March 2009, and Notice of Annual General Meeting, to shareholders. The trust's Annual General Meeting will be held at One Bow Churchyard, Cheapside, London EC4M 9HH at 11.00 am on 21 September 2009.

The Board is not aware of any significant events or transactions which have occurred between 30 June 2009 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 2009

	%
Infosys Technologies	10.1
HDFC	9.4
ICICI Bank	6.8
ABB India	5.8
Grasim Industries	5.3
Tata Consulting Services	5.0
Hero Honda	4.8
GlaxoSmithKline India	3.9
Bharti Airtel	3.6
GAIL	3.6
Hindustan Unilever	3.6
Piramal Healthcare	3.3
ITC	3.3
Godrej Consumer Products	3.1
Container Corp of India	3.1
Total	74.7
Total investments	27

Sector allocation as at 30 June 2009 (%)

Sector	Trust	Benchmark
Financials	20.8	25.0
Information Technology	18.3	13.1
Health Care	12.1	3.3
Consumer Staples	9.9	5.6
Industrials	8.9	10.3
Utilities	8.6	6.8
Materials	7.7	8.9
Consumer Discretionary	7.6	4.1
Telecommunication Services	3.6	2.6
Energy	0.5	20.3
Cash	2.0	-
Total	100.0	100.0

General description of Company's financial position and performance as at 30 June 2009

	£m
Gross Assets	81.3
Debt	nil
Gearing	nil
Capital structure
Ordinary Shares	46,309,458
Warrants	12,760,682

Cumulative performance (%)

	as at  30/06/2009	1 month	3 months	6 months	YTD	1 year	3 years	Since portfolio change 31/01/05
Share Price	146.8p	3.0	30.7	32.8	32.8	18.3	31.6	55.5
Diluted NAVA	159.3p	1.1	23.1	18.2	18.2	11.8	34.8	73.0
Undiluted NAVA	175.6p	1.3	27.9	21.7	21.7	13.9	42.8	89.0
Warrant 2010 Price	49.0p	1.0	120.2	81.5	81.5	10.1	21.7	75.0
MSCI India		(4.2)	39.1	37.5	37.5	14.8	48.7	133.4

Discrete performance (%)

Year ending:	30/06/09	30/06/08	30/06/07	30/06/06	Since portfolio change 31/01/05 annualised
Share Price	18.3	(11.7)	26.0	6.7	10.5
Diluted NAVA	11.8	(11.7)	36.6	14.3	13.2
Undiluted NAVA	13.9	(13.3)	44.6	16.9	15.5
Warrant 2010 Price	10.1	(31.0)	60.2	22.0	13.5
MSCI India	14.8	(12.4)	47.9	34.1	21.2

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

20 July 2009

 

END

 

 

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