Net Asset Value(s)

India Capital Growth Fund Limited
06 August 2007




India Capital Growth Fund Limited
06 August 2007

31 July 2007 NAV Statement



India Capital Growth Fund Limited (the 'Company')

06 August 2007

Net Asset Values


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

Net asset value per share - undiluted         124.66 p

Net asset value per share - fully diluted     120.55 p


Progress Update
NAV was up 7.0% on the month. July was a month of volatile equity markets across
the globe; all major markets suffered  a sell-off triggered by sub-prime
mortgages in US. Despite this, Indian equity markets reached new highs in July, 
backed up by strong FII inflows, with the BSE Sensex rising 6.1% in the month
and the BSE Small Cap Index rising by  4.4%. From the Company's perspective this
rise was partially offset by a depreciation of 0.5% of the Rupee against 
Sterling.

The Reserve Bank of India (RBI) increased the cash reserve ratio (CRR) by 50 bps
to 7.00% even though annual inflation  the rate remained between 4% and 4.5%.
The RBI raised the CRR to reduce what it perceived as excess liquidity in the 
system.

There were no major changes in the portfolio composition during the month, with
a continuance of the strategy of focus  on the core companies with some
disposals of non-core holdings. As at 31 July 2007, the Company was 96.1%
invested,  with 3.9% in cash and other current assets less current liabilities,
mainly in sterling.


Analysis of holdings at 31 July 2007

Sector Summary                            No. of Companies       % of Portfolio
Media                                                    2                22.6%
Textiles                                                 2                12.5%
Housing & Construction                                   5                11.7%
Financial Services                                       4                10.0%
Electrical & Lighting                                    1                 9.4%
Transport                                                2                 7.6%
IT                                                       3                 6.9%
Oil Drilling, Equipment & Services                       1                 6.4%
Engineering / Manufacturing                              4                 3.8%
Others                                                   2                 5.2%
Total investments                                       26                96.1%
Cash                                                                       3.9%
Total Portfolio                                                          100.0%



Top 10 holdings at 31 July 2007

Holding                              Sector                      % of Portfolio

IOL Broadband                        Media                                14.0%
Asian Electronics                    Electricals and Lighting              9.4%
S Kumars Nationwide                  Textiles                              9.3%
Prime Focus                          Media                                 8.6%
Aban Offshore                        Oil Drilling Equipment & Services     6.4%
SpiceJet                             Transportation                        4.4%
Logix Microsystems                   IT                                    4.3%
Arihant Foundations and Housing      Housing and Construction              4.2%
Gruh Finance                         Financial Services                    3.6%
Marwadi Shares & Finance (unlisted)  Financial Services                    3.2%






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