61KM State Is. 49

RNS Number:1193J
India I.T. Fund Ld
14 April 2000



                         THE INDIA I.T. FUND LIMITED
Unaudited Preliminary Profits Statement in respect of the Company's Accounting
                                    Period
                             Ended 31 December 1999

General

The Company, which was registered in Mauritius on 13 June 1997, is a
closed-ended multi-class investment company reporting in US Dollars.  It was
subsequently decided that the Company would become open-ended on 2 September
1999.  The Company has invested in the units of The Unit Trust of India  -  The
India I.T. Fund Scheme 1997 (UTI Scheme). The funds have been invested through
the UTI Scheme, in a portfolio consisting principally of the securities of
information technology companies and the balance in other technology related
companies.  The UTI Scheme is managed in accordance with this investment
objective.

Performance and results for the year ended 31 December 1999

Current Performance

As on 31 Dec 1999                      1 Month   3 Months   6 Months   1 Year

Fund NAV (US$)                78.23     47.5%      86.4%     208.2%    431.5%
UTI Scheme NAV (Rs)         1081.35     49.1%      87.9%     214.1%    455.8%
BSE Sensitive Index         5005.82      8.3%       4.3%      20.9%     63.8%
S&P CNX IT Index            41742.0     63.9%      84.4%     207.5%    491.9%
Exchange Rate (Rs/US$)        43.51      0.2%      -.02%       0.3%      2.4%

The Scheme's NAV as on 31st December '99 was Rs 17303 million and the Fund's 
NAV as on the same date is $405 million. The fund has performed well in the 
last six months with the NAV/unit moving up from $25.38 on 30th June '99 to 
$78.23 on 31st December '99 an increase of 208.2%.  On a relative basis the fund
has outperformed both BSE Sensex Index as well as IT index over the last  
six months and absolute performance has also been excellent. The comparative
value appreciation for various time periods is presented in the table above. The
performance is noteworthy considering the fact that the CNX IT index is not
fully replicable as one of the fairly illiquid IT stocks, namely Wipro, has
about 35.5% weightage in it (as on 24th December).


                                               31.12.1999         31.12.1998
                                                   US$                 US$

Net Assets                                  US$ 405,472,485     US$ 73,609,913
Number of shares in issue                         5,183,052          5,000,000
Net Asset Value per Redeemable         
 Participating Preference share                   US$ 78.23          US$ 14.72

                                                                (As restated)*
                                              01.07.1999 to      01.07.1998 to
                                                 31.12.1999         31.12.1998
                                                        US$                US$

Bank interest                                       318,365             44,697
Dividends                                           591,865            176,577
Expenditure                                      (1,657,591)          (476.609)

Net losses for the period                      US$ (747,361)      US$ (255,335)




Following a change in accounting policy, the Company's financial statements have
been prepared on a "look through basis" which is an aggregation for the period
rather than a consolidation of financial statements, as disclosed in the
previous annual accounts.

For the accounting period there are no tax liabilities, extraordinary items or
minority interests. These figures are unaudited.

Dividend 
The Directors of The India I.T. Fund Limited do not propose to declare a
dividend in respect of the Participating Preference Shares for the period
ended 31 December 1999,

Earnings per share 
Earnings per share figures have not been shown as, in the opinion of the
Directors, they are not meaningful in the circumstances of the Company, as the
number of issued Redeemable Participating Preference shares fluctuated
throughout the period.

END

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