12th Dec 2019 13:14
(Alliance News) - Infrastructure India PLC on Thursday reported an improvement in net asset value in the first half of its current financial year.
The stock was trading 86% higher in London on Thursday afternoon at 2.70 pence a share.
The AIM-listed investment company said NAV per share as at the end of September stood at 22p, up from 16p as at March 31 and 21p a year prior.
Infrastructure India explained that the principal drivers of the increase in NAV were strengthening of the Indian rupee against sterling, a decrease in the yield of the Indian 10-year bond, and revaluation of Distribution Logistics Infrastructure Ltd, the company's largest investment.
Looking ahead, Chief Executive Sonny Lulla said: "The market environment in India softened in the second half of 2019 and the government is responding by providing tax and monetary initiatives to generate further growth in 2020 from which Distribution Logistics Infrastructure, in particular, is increasingly well placed to benefit."
By Evelina Grecenko; [email protected]
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