Five India-related trusts, companies see average 6.2% market gain: SGX

SINGAPORE - Singapore-listed trusts and companies with sizable revenue from India have averaged a price gain of 6.2 per cent and divided yield of 3.7 per cent to date this year, the Singapore Exchange said on Thursday in its latest My Gateway report.

The solid performance was put up by Ascendas India Trust, Religare Health Trust, India Bulls Property Trust, Sarine Technologies and Cordlife Group.

All five entities derived more than 10 per cent of their revenue from India, with the three trusts making their entire earnings in that country.

The five counters are part of a group of 30 SGX plays that have exposure to India, where investor interest are high as the government looks to continue its economic and fiscal reforms. The Modi administration just released its first full-year budget over the past weekend, highlighting plans to boost infrastructure investments and manufacturing.

In January, Ascendas India Trust, with a portfolio of business space and real estate assets, reported a 10 per cent gain in total property income to $31.8 million for the quarter ended Dec 31. Its shares jumped 14.6 per cent in the year to date to close at 94 cents on Wednesday.

Sarine Technologies also reported a 10.9 per cent rise in share price to $2.74 in the same period. The company produces planning, evaluation and measurement systems for diamond and gemstone production globally. Its full-year revenue grew 14.9 per cent to US$87.8 million last year, the firm announced last week.

Meanwhile, iShares MSCI India Exchange Traded Fund remains SGX's most actively traded ETF, which tracks the overall performance of an index. Its assets went up 26 per cent in the past 12 months to US$712 million as of Jan 31.

The futures for India's benchmark Nifty index have also been breaking records since the start of the year, SGX added.

"January saw a record high of 1,991,291 contracts traded with highest average daily volume of 99,565 contracts," it said.