# The India Fund, Inc. (NYSE: IFN)
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Daily Data

At close Oct 23, 2014

Market Price$26.79
Unadjusted NAV**$29.78

The NAV information is provided by the Fund's accounting agent. The price is as reported by the exchange on which the Fund trades. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.


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The India Fund, Inc. (NYSE: IFN)

Investment Objective

The Fund's investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in the equity securities of Indian companies.

For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.


Postcard from India

On a recent trip to India, Senior Investment Manager Kenneth Akintewe was able to get a bird’s eye view of the country and find out exactly where the sentiment lies regarding its future and if it has really emerged.

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Fund Manager Interview

Adrian Lim, Senior Investment Manager, discusses the Fund’s outpacing of the benchmark in the year to end July, Modi’s task of reviving India’s economy and favorable demand drivers.

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India: Modi on Standby

India’s new government completes its first 100 days in power on September 3. Prime Minister Narendra Modi was swept into office earlier this year on a wave of euphoria amid hopes the former tea seller from the state of Gujarat will rescue an economy that in recent years has hopelessly lagged expectations.

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Fund Managers’ Monthly Report

August 2014

  • Indian equities gained in August on the back of positive cues from the global economy.
  • India’s gross domestic product (GDP) in the fiscal first quarter beat market expectations, growing by 5.7% compared to the previous year, after almost two years of sub-5% growth. The Reserve Bank of India expects the economy to grow by around 5.5% in 2015.
  • In Fund-related news, ICICI Bank’s results were resilient, despite ongoing stress in the credit system. Net profits were up, its loan book expanded by 15%, and its capital position remains healthy. Conversely, Jammu & Kashmir Bank’s asset quality deteriorated as some corporate loans soured. This had been well flagged and management anticipated that the loans could be upgraded to restructured assets soon.
  • Motorcycle manufacturer Hero Motocorp reported record sales, although profits were dampened by an increase in expenses. Separately, Pawan Munjal, the founder’s son, will be appointed to the position of vice chairman.
  • Most of the Fund’s consumer staples holdings performed well. ITC benefited from good growth in its cigarette and agricultural businesses. Meanwhile, the company increased cigarette prices by 23% following the recent excise tax hike. Hindustan Unilever and Godrej Consumer Products reported a lift in domestic sales, despite inflation and soft consumer sentiment. Nestle India’s revenue growth improved thanks to higher prices; however, cost pressures continued to have a negative impact on earnings.
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Section 16 Filings


Pursuant to valuation policies adopted by the Board of Directors of the Fund, the Fund values foreign equity securities that primarily trade in certain markets that close ahead of the Fund’s daily 4:00 pm Eastern net asset value (“NAV”) calculation time at their fair values using prices provided by third-party independent pricing services. The fair value of each such security generally is calculated by applying a valuation factor provided by the independent pricing service to the last sales price for that security, or, if, the pricing service is unable to provide a fair value for a security, at the price at the close of the exchange on which it is principally traded, subject to adjustment by the Fund’s Pricing Committee. These daily fair valuations seek to reflect information available after the local market close that may affect the value of the foreign equity securities held by the Fund. As a result, this official NAV calculation reflects adjustments that may cause it to vary from a calculation based solely on closing prices. In contrast, the “Unadjusted NAV” of the Fund (shown above) is for informational purposes only and is computed using the closing prices on the relevant exchange. It does not reflect any daily fair valuation adjustments of the Fund’s foreign securities. The Unadjusted NAV does not represent the official NAV of the Fund, nor is the Unadjusted NAV used for Fund accounting or performance purposes. Investors should not rely upon the Unadjusted NAV when making their investment decisions.

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