15th Jun 2016 08:03
LONDON (Alliance News) - New India Investment Trust PLC on Wednesday reported a decline in its net asset value total return in its recently-ended financial year, although it did beat its benchmark.
The trust said its NAV total return fell by 6.1% in the year ended March 31, having risen by 46% the year before. However, it did beat its benchmark the MSCI India Index which saw its total return fall by 10%.
New India said Indian equities declined in the year due to volatility in global markets and "disappointing domestic events". Declining commodity prices, the "generally downcast" state of the global economy - particularly in China - and a "disconcerting lack of clarity" over the intentions of major central banks all contributed to this, New India said.
However, it managed to outperform its benchmark due to the "resilience" across the majority of its holdings, New India added.
"While India is more insulated from external events than most of its regional peers, its markets are still affected by global events. Given the largely listless world economy and widespread investor sensitivity to fluctuating commodity prices and central bank rhetoric, further market volatility is likely," Chairman Hasan Askari said in a statement, adding that New India's NAV per share was 4.9% higher than at March 31 at the time of writing.
Shares in New India were trading up 1.6% at 333.20 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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