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Name | Symbol | Market | Type |
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State Is. 49 | LSE:61KM | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS No 7042r THE INDIA IT FUND LIMITED 7 October 1999 Preliminary Profits Statement in respect of the Company's Accounting, Year Ended 30 June 1999 General The Company, which was registered in Mauritius on 13 June 1997, is a closed-ended multi-class investment company reporting in US Dollars. It was subsequently decided that the Company would become open-ended on 2 September 1999. The Company has invested in the units of The Unit Trust of India - The India I.T. Fund Scheme 1997 (UTI, Scheme). The funds have been invested through the UTI Scheme in a portfolio consisting principally of the securities of information technology companies and the balance in other technology related companies. The UTI Scheme is managed in accordance with this investment objective. Performance and results for the year ended 30 June 1999 Since inception, the Rupee NAV has appreciated by 244.1 per cent and it stood at Rupees 344.31 as on 30 June 1999. The dollar NAV of the Fund as on the same date is US$25.38 and the size of the Fund is US$ 147.9 million. The Fund continued to perform well during the year. The appreciation in Rupee NAV is better than that of the Sensex and only marginally lower than that of the S&P CNX IT Index. The performance is noteworthy considering the fact that the CNX IT Index is not fully replicable as one of the fairly illiquid I.T. stocks, namely Wipro, has about 35 per cent weighting in it (Wipro was the top performing I.T. large-cap stock last year). However, the compound annual total return of the Fund for the year was 134.8 per cent as against 133.2 per cent for the CNX IT Index. In view of the good performance of the Fund and positive outlook for the Sector, it was decided to enlarge the Fund corpus by a ' C ' share issue. The issue, made in April 1999, raised US$20.5 million and the proceeds were fully invested by 10 June 1999. The 'C' share corpus was merged with the original share corpus, in the ratio of 0.403941 to 1, on the basis of the respective NAVs. The number of shares of the Fund in issue rose to 5,828,079. (As restated) 30.06.99 30.06.98 US$ US$ Net Assets US$ 147,915,682 US$ 58,135,950 Number of shares in issue during the year/period 5,828,079 5,000,000 Net Asset Value per Redeemable Participating Preference share US$ 25.38 US$ 11.63 (As restated)* 01.07.98 to 13.06.97 to 30.06.99 30.06.98 US$ US$ Bank interest 160,967 797,671 Dividends 321,744 192,350 Expenditure (1,632,540) (1,402,069) Net losses for the year/period US$ (1,149,829) US$ (412,048) * Following a change in accounting policy, the Company's financial statements have been prepared on a "look through basis", which is an aggregation of results for the year rather than a consolidation of financial statements. The financial impact of the changed basis of accounting on the results for the current and prior period is as follows: 1999 1998 US$ US$ Current year loss on previous accounting basis (541,768) (241,254) Current/prior year adjustments (608,061) (170,794) Current year loss on "look through basis' US$ (1,149,829) US$ (412,048) For the accounting period there are no tax liabilities, extraordinary items or minority interests. These figures have been audited. Dividend The Directors of The India I.T. Fund Limited do not propose to declare a dividend in respect of the Participating Preference Shares for the year ended 30 June 1999. Earnings per share Earnings per share figures have not been shown as, in the opinion of the Directors, they are not meaningful in the circumstances of the Company, as the number of issued Redeemable Participating Preference shares fluctuated throughout the year. END FR ABVOKKSKRRAA
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