Interim Management Statement

RNS Number : 6849K

New India Investment Trust PLC

20 July 2011

 



New India Investment Trust PLC

Interim Management Statement - 3 months ended 30 June 2011

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 April 2011 to 30 June 2011 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.

Benchmark

The Company compares its performance to the Morgan Stanley Capital International India Index (Sterling-adjusted) ('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 30 June 2011, the Company posted to shareholders its Annual Report and Accounts for the year ended 31 March 2011 including the Notice of Annual General Meeting to be held on 22 September 2011 at Bow Bells House, 1 Bread Street, London EC4M 9HH at 11.00 am.

The Board is not aware of any significant events or transactions which have occurred between 30 June 2011 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 latest monthly factsheet, the Annual Report and the Notice of Annual General Meeting, please refer to the Company's website at www.newindia-trust.co.uk.

Share capital

As at 30 June 2011 and the date of this IMS, the Company's capital structure comprised of 59,070,140 Ordinary shares of 25p.

Fifteen largest equity holdings at 30 June 2011

	%
HDFC	10.2
Infosys Technologies	9.9
ICICI Bank	8.6
Tata Consultancy Services	8.0
Hero Honda	4.7
Hindustan Unilever	4.1
ITC	3.8
HDFC Bank	3.7
Godrej Consumer Products	3.6
GlaxoSmithKline India	3.3
Bosch	3.3
MphasiS	3.2
Gujarat Gas	3.1
Bharti Airtel	3.0
Grasim Industries	2.9
	__________
Total	75.4
	__________
Total number of investments	27

Sector allocation as at 30 June 2011

	Company	Benchmark
	%	%
Information Technology	22.6	16.4
Financials	22.5	28.2
Consumer Staples	13.9	6.8
Materials	9.4	10.7
Consumer Discretionary	8.0	5.1
Utilities	7.9	5.2
Health Care	7.5	4.4
Industrials	4.5	10.3
Telecommunication Services	3.0	0.4
Energy	-	12.5
Cash	0.7	-
	__________	__________
Total	100.0	100.0
	__________	__________

General description of Company's financial position and performance as at 30 June 2011

Gross Assets	£160.1m
Debt	Nil
Gearing	Nil

Capital structure

Ordinary Shares of 25p:      59,070,140

Cumulative performance (%)

	As at 30/6/2011	1 month	3 months	6 months	Year to Date	1 year	3 years	5 years	Since portfolio change 31/01/05
Share Price	247.0p	4.7	1.4	(8.1)	(8.1)	11.6	99.2	121.5	161.8
NAVA	271.1p	4.5	0.8	(6.3)	(6.3)	11.2	90.2	129.4	194.3
MSCI India		4.3	(3.7)	(10.7)	(10.7)	0.6	67.9	117.5	241.5

Discrete performance (%)

Year ending:	30/6/2011	30/6/2010	30/06/09	30/06/08	30/06/07	Since portfolio change 31/01/05 - annualised
Share Price	11.6	50.8	18.3	(11.7)	26.0	16.2
NAVA	11.2	53.0	11.8	(11.7)	36.6	18.3
MSCI India	0.6	45.3	14.8	(12.4)	47.9	21.1

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.

^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

20 July 2011

 

END

 

 

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