Net Asset Value(s)

India Capital Growth Fund Limited
06 November 2007


India Capital Growth Fund Limited
6 November 2007

31 October 2007 NAV Statement

India Capital Growth Fund Limited (the 'Company')

31 October 2007

Net Asset Values


The Company announces its net asset values per share as at 31 October 2007:

Net asset value per share - undiluted         135.82 p

Net asset value per share - fully diluted     129.85 p

Progress Update

Undiluted NAV increased by a net 4.5% during the month, giving a cumulative
increase of 45.7% for the year to date.

Indian markets performed very strongly during October with the main indices of
leading shares touching all time highs  towards the end of the month on the back
of continued inflows from FIIs,(USD 5 billion during the month).

Inflation, based on the wholesale price index (WPI), declined to 3.1% for the
week ended 13 October 2007, it's lowest  since October 2002. The Reserve bank of
India left interest rates unchanged but while the Indian Rupee continued to 
strengthen against the US Dollar, the Rupee depreciated by 1.3% against Sterling
during the month.

In view of the strength of the large cap market the Company decided to
crystallise gains in its two large cap holdings  resulting in an increase in the
proportion of cash in the portfolio. As at 31 October 2007, the Company was 91% 
invested, with 9% in cash. The Company continues to see ample opportunities in
the small and mid cap space for the  effective reinvestment of this cash.


Analysis of holdings at 31 October 2007

Sector Summary                            No. of Companies       % of Portfolio
Media                                                    2                22.8%
Textiles                                                 2                13.9%
Housing & Construction                                   5                12.2%
Financial Services                                       4                10.8%
IT                                                       4                 9.1%
Transport                                                2                 7.1%
Electrical & Lighting                                    1                 6.8%
Engineering / Manufacturing                              4                 3.0%
Others                                                   2                 5.3%
Total investments                                       26                91.0%
Cash                                                                       9.0%
Total Portfolio                                                          100.0%


Top 10 holdings at 31 October 2007

Holding                              Sector                      % of Portfolio

Prime Focus                          Media                                11.6%
IOL Broadband                        Media                                11.2%
S Kumars Nationwide                  Textiles                             11.0%
Asian Electronics                    Electricals and Lighting              6.8%
Logix Microsystems                   IT                                    5.1%
Arihant Foundations and Housing      Housing and Construction              4.7%
SpiceJet                             Transportation                        3.8%
Prime Securities                     Financial Services                    3.7%
Gruh Finance                         Financial Services                    3.5%
Varun Shipping                       Transportation                        3.3%





                      This information is provided by RNS
            The company news service from the London Stock Exchange