Grant Thornton India Watch shows significant growth for 2010

Friday, January 21, 2011 | Posted by: Grant Summers
Categories: | Tags: India, investment, economy, Grant Thornton, growth, India Watch, UK, South Asia Group, Grant Thornton India, international, aim, Anuj Chande, South Asia, Capital Markets, Fiona Owen, FTSE, IT

In the last quarter of 2010, Grant Thornton’s India Watch Index gained 16.75%, outperforming both the FTSE 100 (6.33%) and the FTSE AIM UK 50 (12.60%), as well as other key indices.

For the year as a whole, the India Watch Index, gained 19.04%, a significant growth rate in comparison to the FTSE 100 which rose by only 9%. As well as Grant Thornton’s India Watch Index, the FTSE AIM All-Share Index also saw a substantial rise, further highlighting the sustained growth of both the AIM market and Indian companies listed in London in 2010.

The top three performing stocks during the fourth quarter of 2010 were, Oilex, which gained 81.63%, Indus Gas which gained 37.24% and finally, iEnergiser, which, having listed in September 2010, finished its first quarters trading up 28.73%.

The three lowest performing stocks in the quarter were, Trinity Capital, which fell by 23.53%, Kubera Cross-Border Fund which fell by 24.67%, and for the second quarter running, India Energy, falling by 40.58%.

The best performing stocks for the year were, the Oil and Gas producer, Oilex (131.71%), the medical transcription services, billing and coding company, CBay Systems Holdings (90.34%) and the renewable energy producer, Greenko Group (67.53%).

The robust pipeline of India IPO’s also came to fruition during the year with Essar Energy and Jubilant Energy, both oil and gas producers listing in May and November respectively. Furthermore, SKIL Ports & Logistics, the port and logistic facility operators and Caparo Energy, the independent electricity provider, both listing in October with iEnergizer, the international BPO company listing a month earlier.

Top and bottom performers - Q4 2010, YTD and last 12 months

Percentage change	Last quarter	YTD	Last 12 months
	1 Oct 2010 to 31 Dec 2010	1 Jan 2010 to 31 Dec 2010	1 Jan 2010 to 31 Dec 2010
IENERGIZER	28.73	NA	NA
INDUS GAS	37.24	55.25	55.25
OILEX (LON)	81.63	131.17	131.17
KUBERA CROSS-BORDER FUND	-24.67	19.58	19.58
TRINITY CAPITAL	-23.53	-11.76	-11.76
INDIAN ENERGY	-40.58	-74.21	-74.21

 

Grant Thornton India Watch Index chart since inception in January 2007

Fiona Owen

Partner, Head of Capital Markets for South Asia Group

Grant Thornton UK LLP

*Data sourced from Thomson Reuters.

The India Watch index consists of 33 Indian companies listed on AIM or the Main Market (excluding GDRs). We only consider companies to be Indian if they are domiciled in India and/or foreign companies holding Indian assets or Investment companies with Indian promoters. The index has been created via Datastream, a Thomson Reuters product and is weighted by Market Value.

Other articles in this issue of India Watch include:

Indian cross boarder M&A closes the year on a high

2011 set to be a key year for India’s economy

The UK Bribery Act. Is your organisation adequately prepared?

Proposed amendments to UK’s takeover regime and its potential impact on acquisitive Indian companies