Interim Management Statement

RNS Number : 7819P

New India Investment Trust PLC

22 July 2010

 



New India Investment Trust PLC

Interim Management Statement - 3 months ended 30 June 2010

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 2010 to 30 June 2010 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 21 June 2010, the Company posted to shareholders its Annual Report and Accounts for the year ended 31 March 2010, and Notice of Annual General Meeting. The Company's Annual General Meeting will be held at Bow Bells House, 1 Bread Street, London EC4M 9HH at 11.00 am on 23 September 2010.

The Board is not aware of any significant events or transactions which have occurred between 30 June 2010 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 30 June 2010 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 letter was sent to warrant-holders on 21 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; the letter is available for viewing on the Company's website at www.newindia-trust.co.uk.

Fifteen largest equity holdings at 30 June 2010

	%
HDFC	10.3
Infosys Technologies	9.6
ICICI Bank	7.9
Tata Consultancy Services	6.2
Hero Honda	4.7
ABB India	4.0
GlaxoSmithKline India	4.0
Godrej Consumer Products	3.9
ITC	3.6
Gujarat Gas	3.5
HDFC Bank	3.3
Bosch	3.3
Hindustan Unilever	3.3
Container Corporation of India	3.2
MphasiS	3.1
	__________
Total	73.9
	__________
Total number of investments	30

Sector allocation as at 30 June 2010

	Company	Benchmark
	%	%
Financials	21.5	24.9
Information Technology	20.1	16.7
Health Care	11.4	4.0
Consumer Staples	10.8	5.8
Materials	9.0	10.4
Utilities	8.4	6.1
Consumer Discretionary	8.0	5.2
Industrials	7.2	10.1
Telecommunication Services	2.5	0.9
Energy	0.8	16.0
Cash	0.3	-
	__________	__________
Total	100.0	100.0
	__________	__________

General description of Company's financial position and performance as at 30 June 2010

	£m
Gross Assets	131.9
Debt	Nil
Gearing	Nil

Capital structure

Ordinary Shares of 25p       46,954,143

Warrants 2010                      12,115,997

Cumulative performance (%)

	As at 30/6/2010	1 month	3 months	6 months	Year to Date	1 year	3 years	5 years
Share Price	221.3p	6.0	0.9	14.3	14.3	50.8	57.5	111.7
Diluted NAVA	243.8p	0.6	1.8	16.5	16.5	53.0	51.0	135.8
Undiluted NAVA	280.8p	0.6	2.0	18.3	18.3	59.9	57.9	166.8
Warrant 2010 Price	122.8p	15.5	6.5	34.9	34.9	150.5	90.3	272.0
MSCI India		1.3	(0.9)	10.6	10.6	45.3	46.2	189.8

Discrete performance (%)

Year ending:	30/6/2010	30/06/09	30/06/08	30/06/07	30/06/06
Share Price	50.8	18.3	(11.7)	26.0	6.7
Diluted NAVA	53.0	11.8	(11.7)	36.6	14.3
Undiluted NAVA	59.9	13.9	(13.3)	44.6	16.9
Warrant 2010 Price	150.5	10.1	(31.0)	60.2	22.0
MSCI India	45.3	14.8	(12.4)	47.9	34.1

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

22 July 2010

 

END

 

 

IMSPGUACMUPUGWP