Net Asset Value(s)

India Capital Growth Fund Limited
05 March 2008


India Capital Growth Fund Limited
05 March 2008

India Capital Growth Fund Limited
05 March 2008

29 February 2008 NAV Statement

India Capital Growth Fund Limited (the 'Company')

29 February 2008

Net Asset Values

The Company announces its net asset values per share as at 29 February 2008:

Net asset value per share - undiluted         121.29 p

Net asset value per share - fully diluted     117.74 p

Progress Update

Undiluted NAV decreased by 6.3% in the month, of which 1.2% was accounted for by an adverse exchange rate movement 
between the Rupee and the Pound Sterling.

During the month the large cap BSE Sensex was marginally down, by 0.4%, while BSE mid and small cap indices fell 1.1% 
and 4.9% respectively. This is consistent with the greater volatility seen in the smaller cap segment of the market 
over the last two years. However, stocks in the portfolio showed exceptional volatility during the month, with 
movements significantly greater than the indices, both upwards and downwards. During the month, FIIs bought a net 
US$430 Mn worth of Indian equities, but this did not stem the downward pressure on the stock market.

The Union Budget presented on 29 February was devoid of major reforms and although a General Election may come sooner 
rather than later, there is no sign that a change of government would bring significant change in the direction of the 
Indian economy. Corporate health remains sound, as the December quarterly results demonstrated.

During the month, the Company exited one mid-cap holding at a substantial profit and the proceeds reinvested elsewhere. 
The Company had a net cash position of GBP 6.2 Mn as at 29 February 2008.

Analysis of holdings at 29 February 2008

Sector Summary                            No. of Companies       % of Portfolio
Financial Services                                       4                17.0%
Textiles                                                 2                16.7%
Media                                                    2                16.6%
Housing & Construction                                   5                12.0%
Transportation                                           2                 8.2%
IT                                                       3                 7.6%
Electrical & Lighting                                    1                 4.7%
Engineering / Manufacturing                              3                 3.5%
Others                                                   3                 6.9%
Total investments                                       25                93.2%
Cash                                                                       6.8%
Total Portfolio                                                          100.0%

Top 10 holdings at 29 February 2008

Holding                              Sector                      % of Portfolio

S Kumars Nationwide                  Textiles                             13.5%
Prime Focus                          Media                                 8.7%
IOL Netcom                           Media                                 7.9%
Prime Securities                     Financial Services                    5.9%
Asian Electronics                    Electricals and Lighting              4.7%
Gruh Finance                         Financial Services                    4.3%
Logix Microsystems                   IT                                    4.3%
Varun Shipping                       Transportation                        4.3%
Marwadi Shares and Finance           Financial Services                    4.1%
SpiceJet                             Transportation                        3.9%


Portfolio Break down by Size at 29 February 2008

Size                                  No. of Companies               % of Portfolio
Small Cap                                     12                             33.8%
Mid Cap                                       10                             51.2%
Large Cap                                      1                              3.7%
Unlisted                                       2                              4.5%
Cash                                                                          6.8%
Total                                                                       100.0%






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