as i write the aud cross with the inr is 40.32. the sensex closed at 17750 which gives my estimate of fully diluted nta as we stand of 67.84 cents. i doubt any cgt tax 'net' needs to be paid from the planned selldown.
with the share price close of 64 cents on weds the discount to nta is only 6.40%. that's a tad close enough to say sell for me, so i sold out mon and tues at 63 - 63.5. india imo is great to be invested in but we need to look at the situation of ine as it is. anyone wishing to go to the line then there is currency risk and mkt risk. both imo look favourably ok tho. there will be a clean shell but what way will it turn ? it has value. two major buyers have been mopping up stock and on my back of envelope calcs have close to 25% betwen them.
i give a lot of credit to the guys running ine. i sold out last yr on the back of their hotel planning venture but jumped back in when they disclosed that investors were not keen on that idea and so ine pulled it. my recent trip to india restored the boards credibility 101% over the hotel matter. i could not find rooms very easily lol !
i'll be watching closely from here on but not wanting to be greedy, have enjoyed one of my best ever profits and certainly the quickest of significance.
for those staying for the ride, it's money in the bank should we get a wollop (i doubt it tho) and little to lose if one stays. not too much to go for tho imo.
london has many investment trusts on offer and there is a good one for india. your ozzy broker can help.
link for the JP Morgan India IT http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=ITJII&univ=T
(and other funds if you search thro the site): http://www.trustnet.com/Investments/Perf.aspx?univ=T&Pf_Geoarea=IND
be good,
40.
ps teddy's estatic ! now he wants to buy a fast car to pull the lady teddies.
INE Price at posting:
64.0¢ Sentiment: Sell Disclosure: Not Held
