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

At close Sep 15, 2014

NAV$29.86
Market Price$27.20
Premium/(Discount)-8.91%
Unadjusted NAV**$29.86

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.

 

India Fund, Inc. Webcast Update

Aberdeen Fund Manager James Thom gives a brief overview on the India Fund, Inc. and speaks to the recent Indian elections and how the outcome may affect markets in the coming quarters.

 
 
 

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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Asia-Pacific ex Japan Equities Video Update

Aberdeen's Hugh Young gives an update on the Asia-Pacific region and discusses why Aberdeen believes the positive outlook for Asia will remain intact for 2014.

Important Information

 
 

India’s promise remains unchanged

We spend our lives looking at companies. Last year we saw 923 companies in Asia. Some of them come to us but the more significant activity is us visiting management in situ. In this and future monthly briefs, we aim to give a better flavour of what we are seeing, be that about companies or other aspects of investing – and which we do not cover in our routine reports.

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Fund Managers’ Monthly Report

July 2014

  • Indian equities gained ground in July, as investor sentiment remained largely upbeat, despite some volatility related to geopolitical tensions in Ukraine and the Middle East.
  • The government unveiled its first budget, which aimed to lift gross domestic product growth back to 7-8% within the next three years, while also curbing borrowing. Proposed measures included: easier access for foreign direct investors; subsidy reform; and a more streamlined tax regime, together with the introduction of a goods and services tax.
  • Conglomerate ITC faces a 20% excise tax hike on cigarettes following the Bharatiya Janata Party’s inaugural government budget. In our opinion, ITC may be able to offset some margin pressures by improving its product mix, increasing prices and taking advantage of its dominant brand.
  • In Fund-related corporate results, HDFC Bank and its parent, HDFC, reported good growth in mortgages and retail lending, while asset quality was also healthy, in our view. Non-performing loans were stable and fully covered by loss provisions. However, the insurance and asset management businesses saw pressure on earnings due to the lackluster economy.
  • IT services provider Infosys reported a steady quarter of healthy growth and margin recovery compared with the same period a year earlier, despite an unparalleled period of leadership changes. Meanwhile, another IT services provider, Tata Consultancy Services, saw decent profits, despite headwinds, cementing its leadership position in the industry.
  • During the month, we trimmed the Fund’s holding in Container Corporation after its share price rose on hopes of infrastructure reform. We think this will take some time to be implemented.
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**Disclaimer

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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