Interim Management Statement

RNS Number : 8213G

New India Investment Trust PLC

08 February 2010

 



New India Investment Trust PLC

Interim Management Statement - 3 months ended 31 December 2009

To the Shareholders of New India Investment Trust PLC ('the Company')

This Interim Management Statement ('IMS') 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 IMS relates to the period from 1 October 2009 to 31 December 2009 and contains information that covers this period, and up to the date of publication of this IMS, 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 (Sterling-adjusted) ('MSCI India Index').

Benchmark

The Company compares its performance to the MSCI India Index but the Company's investment portfolio is constructed without reference to the composition of any stockmarket index or benchmark. It is likely, therefore, that there will be periods when the Company's performance may vary significantly from the benchmark.

Material events

On 5 December 2009, the Company circulated to Shareholders its Interim Report for the six months ended 30 September 2009.

The Board is not aware of any significant events or transactions which have occurred between 31 December 2009 and the date of publication of this IMS, other than those described above, which would have had a material impact on the financial position of the Company.

For up to date net asset value and share price information, as well as the Manager's monthly factsheet, please refer to the Company's website at www.newindia-trust.co.uk.

Share capital and Expiry of Warrants

As at 31 December 2009 and the date of this IMS, the Company's capital structure comprised 46,954,143 Ordinary shares of 25p and 12,115,997 Warrants to subscribe for Ordinary shares at 100p per share. The final subscription date of the Warrants is 2 August 2010 ('the Final Subscription Date'). A further letter will be sent to warrant-holders in June 2010 containing information on how to exercise the Warrants as well as details of the procedure to be undertaken by the Company in relation to Warrants which remain unexercised at the Final Subscription Date.

Fifteen largest equity holdings at 31 December 2009

	%
Infosys Technologies	10.7
HDFC	9.0
Tata Consultancy Services	6.7
ICICI Bank	6.3
Hero Honda	4.5
ABB India	4.3
Grasim Industries	4.0
GlaxoSmithKline India	3.9
Godrej Consumer Products	3.8
MphasiS	3.4
ITC	3.2
Bosch	3.1
Container Corporation of India	3.1
HDFC Bank	3.0
Sun Pharmaceutical	3.0
	__________
Total	72.0
	__________
Total number of investments	30

Sector allocation as at 31 December 2009

Sector	Company	Benchmark
	%	%
Information Technology	22.0	16.4
Financials	19.2	24.1
Health Care	12.2	3.4
Materials	9.9	12.4
Consumer Staples	9.7	5.3
Utilities	8.3	6.2
Consumer Discretionary	7.6	4.6
Industrials	7.4	9.7
Telecommunication Services	2.8	1.3
Energy	0.6	16.6
Cash	0.3	-
	__________	__________
Total	100.0	100.0
	__________	__________

General description of Company's financial position and performance as at 31 December 2009

	£m
Gross Assets	111.5
Debt	Nil
Gearing	Nil

Capital structure

Ordinary Shares of 25p       46,954,143

Warrants                               12,115,997

Cumulative performance (%)

	As at 31/12/2009	1 month	3 months	6 months	YTD	1 year	3 years	Since portfolio change 31/01/05 cumulative
Share Price	193.5p	5.3	8.4	31.9	75.1	75.1	42.0	105.1
Diluted NAVA	209.2p	3.4	6.1	31.3	55.2	55.2	43.7	127.2
Undiluted NAVA	237.4p	3.8	7.2	35.2	64.4	64.4	50.4	155.5
Warrant 2010 Price	91.0p	11.0	19.0	85.7	237.0	237.0	46.2	225.0
MSCI India		5.2	6.7	31.4	80.6	80.6	50.5	206.7

Discrete performance (%)

Year ending:	31/12/2009	31/12/2008	31/12/2007	31/12/2006	Since portfolio change 31/01/05 (annualised)
Share Price	75.1	(33.2)	21.5	10.1	15.7
Diluted NAVA	55.2	(31.7)	35.5	11.0	18.2
Undiluted NAVA	64.4	(35.3)	41.5	12.8	21.0
Warrant 2010 Price	237.0	(62.1)	14.5	32.4	27.1
MSCI India	80.6	(51.0)	70.2	32.5	25.6

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.

^A Excluding current year revenue.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

For New India Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

8 February 2010

 

END

 

 

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