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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 Number:1193J India I.T. Fund Ld 14 April 2000 THE INDIA I.T. FUND LIMITED Unaudited Preliminary Profits Statement in respect of the Company's Accounting Period Ended 31 December 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 31 December 1999 Current Performance As on 31 Dec 1999 1 Month 3 Months 6 Months 1 Year Fund NAV (US$) 78.23 47.5% 86.4% 208.2% 431.5% UTI Scheme NAV (Rs) 1081.35 49.1% 87.9% 214.1% 455.8% BSE Sensitive Index 5005.82 8.3% 4.3% 20.9% 63.8% S&P CNX IT Index 41742.0 63.9% 84.4% 207.5% 491.9% Exchange Rate (Rs/US$) 43.51 0.2% -.02% 0.3% 2.4% The Scheme's NAV as on 31st December '99 was Rs 17303 million and the Fund's NAV as on the same date is $405 million. The fund has performed well in the last six months with the NAV/unit moving up from $25.38 on 30th June '99 to $78.23 on 31st December '99 an increase of 208.2%. On a relative basis the fund has outperformed both BSE Sensex Index as well as IT index over the last six months and absolute performance has also been excellent. The comparative value appreciation for various time periods is presented in the table above. The performance is noteworthy considering the fact that the CNX IT index is not fully replicable as one of the fairly illiquid IT stocks, namely Wipro, has about 35.5% weightage in it (as on 24th December). 31.12.1999 31.12.1998 US$ US$ Net Assets US$ 405,472,485 US$ 73,609,913 Number of shares in issue 5,183,052 5,000,000 Net Asset Value per Redeemable Participating Preference share US$ 78.23 US$ 14.72 (As restated)* 01.07.1999 to 01.07.1998 to 31.12.1999 31.12.1998 US$ US$ Bank interest 318,365 44,697 Dividends 591,865 176,577 Expenditure (1,657,591) (476.609) Net losses for the period US$ (747,361) US$ (255,335) Following a change in accounting policy, the Company's financial statements have been prepared on a "look through basis" which is an aggregation for the period rather than a consolidation of financial statements, as disclosed in the previous annual accounts. For the accounting period there are no tax liabilities, extraordinary items or minority interests. These figures are unaudited. 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 period ended 31 December 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 period. END IR SFSFFLSSSEEL
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