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

At close Jan 29, 2015

Market Price$29.66
Unadjusted NAV**$31.81

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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Modi: Delivering in Word and Deed

Patience, it seems, is a lost art. Take India, one of the best performing equity markets last year. New Prime Minister in, lots of encouraging promises of reforms and reassured investors pile in. So far it all makes sense, as the promised reforms have a distinct air of credibility.

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Fund Managers’ Monthly Report

November 2014

  • Indian equities gained in November on investors’ hopes that falling oil prices would reduce inflation and pave the way for an interest rate cut. Loose monetary policy from some of the world’s major central banks also boosted risk appetites.
  • The pace of economic growth moderated in the September quarter, to 5.3% year-on-year. However, recent economic indicators were more reassuring: both manufacturing and industrial production rose, while consumer inflation eased to 5.52% in October.
  • During the month, Fund holding Kotak Mahindra Bank announced plans to acquire ING Vysya Bank (which the Fund does not own) for US$2.4 billion through a share swap, creating India’s fourth-largest private bank. We believe that the deal, if successful, should add value to both businesses. We feel that Kotak’s presence in the South and in small-business banking should enjoy a boost, while capital constraints will no longer hinder ING Vysya’s franchise-expansion plans.
  • Regarding Fund-related corporate results, Container Corporation of India (CONCOR) reported good volume growth on higher trade traffic, while we think that its revenue-diversification strategies sounded promising. However, the recently announced steep increase in haulage charges appeared less reassuring, in our view, as they account for a significant portion of CONCOR’s expenses.
  • Godrej Consumer Products’ bottom-line growth was healthy, despite suggestions it was one of the slowest years for the fast-moving consumer goods industry in over a decade. Meanwhile, price hikes helped conglomerate ITC stave off volume pressures.
  • There were no major changes to the Fund in November.
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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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