23rd Dec 2019 12:07
(Alliance News) - JPMorgan Indian Invest Trust PLC on Monday said its performance improved in its most recently ended financial year despite the poor performance of the Indian economy.
The FTSE 250-listed investment firm said its net asset value total return for the year to the end of September was 11.4%, while its benchmark, the MSCI India Index in sterling terms, returned 10.8%.
The company's NAV rose to 820.1 pence as at the end of September from 736.5p a year earlier.
JPMorgan Indian share price total return over the period was 18.1%, with shares trading in London at 744.0p as at September 30, representing a 9.3% discount to NAV.
The stock was trading 0.1% lower on the day on Monday at midday at 755.00p.
The trust said it has not repurchased any shares during the year, despite shareholders granting it an authority to buy back up to 15% of its equity.
"The Indian stock market did well last year, despite the disappointing performance of the economy, whose growth rate fell well short of what had been expected twelve months ago," said Chair Richard Burns.
"There are ample opportunities for stock picking in the Indian market and many high quality businesses to choose from," continued Burns. "Investing in stocks is what the company is about and that has been the basis of its success up to now."
By Evelina Grecenko; [email protected]
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