abrdn New India Investment Trust plcs half-yearly financial report for the period ending September 30, 2024, highlights the companys strong performance and growth prospects in the Indian market. The report outlines the companys investment strategy, financial highlights, and outlook for the Indian economy.
**Performance Highlights**
The companys net asset value (NAV) rose by 22.8% in sterling terms (total return) for the six months ended September 30, 2024, continuing its strong performance.
The companys share price increased by 23.6%, resulting in a discount to NAV of 17.1%, an improvement from the previous period.
The company outperformed the MSCI India Index, which rose by 11.6% in total return terms.
**Financial Highlights**
Equity shareholders funds increased by 14.5% to £489,081,000.
Share price (mid-market) rose by 23.6% to 806.00p.
Net asset value per share increased by 18.6% to 972.34p.
Adjusted net asset value per share, which includes accrued Indian capital gains tax, rose by 22.8% to 1,033.78p.
**Investment Strategy**
The company seeks to invest in high-quality Indian companies with strong financial characteristics and sustainable competitive advantages.
It focuses on sectors such as energyfinancialsreal estateand telecommunication services.
The companys portfolio includes a mix of large-cap and mid-cap stocks, with a focus on long-term growth prospects.
**Outlook**
The report highlights Indias favorable demographics, growing middle class, and increasing disposable incomes as attractive investment opportunities.
It acknowledges near-term challenges such as potential spikes in global energy prices and a slowdown in the global economy but remains confident in the resilience of the Indian market.
The companys portfolio is well-positioned to navigate these challenges with a focus on high-quality companies and defensive holdings.
The report concludes by expressing the Boards confidence in the companys investment strategy and the potential for continued growth in the Indian market.