Net Asset Value(s)

India Capital Growth Fund Limited
04 October 2007



India Capital Growth Fund Limited
04 October 2007

30 September 2007 NAV Statement

India Capital Growth Fund Limited (the 'Company')

30 September 2007

Net Asset Values



The Company announces its net asset values per share as at 30 September 2007:

Net asset value per share - undiluted         130.02p

Net asset value per share - fully diluted     125.02p


Progress Update

Undiluted NAV was up 8.5% during the month helped by buoyant Indian stock
markets, giving a cumulative increase of  39.5% for the year to date.

The BSE Sensex reached an all time high on 28 September 2007 rising 12.9% on the
month (25.4% year to date)on the back  of increased FII inflows which were
almost USD 4 billion compared to the outflow of USD 2 billion in the previous 
month. As noted previously the ICGF portfolio is highly concentrated and
performance does not necessarily reflect  movements in the general indices,
particularly over short periods. NAV also benefited from appreciation of the
Indian  rupee (2.7% against Sterling) that followed the cut in interest rates by
US Federal Reserve. The Rupee has risen 7.6%  against sterling since 31 December
2006. Inflation, based on the wholesale price index (WPI), declined to 3.23% for
the  week ended 15 September 2007, its lowest since December 2002.

The Company has taken advantage of current market levels to book some profits.
At the same time the Company continues  to see a good flow of new opportunities
(both listed and unlisted) at attractive prices.
As at 30 September 2007, the Company was 93.8% invested, with 6.2% in cash.

Analysis of holdings at 30 September 2007

Sector Summary                            No. of Companies       % of Portfolio
Media                                                    2                22.1%
Textiles                                                 2                13.0%
Financial Services                                       4                10.2%
Housing & Construction                                   5                10.0%
IT                                                       3                 8.2%
Transport                                                2                 7.5%
Electrical & Lighting                                    1                 7.4%
Oil Drilling, Equipment & Services                       1                 7.2%
Engineering / Manufacturing                              3                 3.4%
Others                                                   2                 4.8%
Total investments                                       25                93.8%
Cash                                                                       6.2%
Total Portfolio                                                          100.0%

Top 10 holdings at 30 September 2007

Holding                              Sector                      % of Portfolio

IOL Broadband                        Media                                12.7%
S Kumars Nationwide                  Textiles                              9.7%
Prime Focus                          Media                                 9.4%
Asian Electronics                    Electricals and Lighting              7.4%
Aban Offshore                        Oil Drilling Equipment & Services     7.2%
Logix Microsystems                   IT                                    5.8%
SpiceJet                             Transportation                        4.3%
Arihant Foundations and Housing      Housing and Construction              4.2%
Gruh Finance                         Financial Services                    3.6%
Grabal Alok Impex                    Textiles                              3.3%




                      This information is provided by RNS
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