30th May 2014 15:38
LONDON (Alliance News) - New India Investment Trust PLC Friday said its net asset value total return fell by 1.9% in its last financial year, but still outperformed its benchmark.
During the year ended March 31 the company's net asset value fell by 1.9% to 263.55 pence.
The investment trust said its share price declined by 5.1% to 225.0 pence in the year, compared with 6.8% growth in the year before.
It said its benchmark, the MSCI India Index declined 2.8% in the year.
"In local currency terms, Indian equities made healthy gains over the review period; however, your company's absolute returns were hampered by the weak Indian rupee which fell 21% against sterling over the year," the trust said in a statement.
"Nevertheless, your company outperformed the benchmark, benefiting from a disciplined, long-term approach to stock-picking," it added.
The company aims to attract long term private and institutional investors wanting to benefit from the growth prospects of Indian companies.
Shares in the trust close Friday 0.1% lower at 241.65 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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