Net Asset Value(s)

RNS Number : 7022A

India Capital Growth Fund Limited

05 August 2008

 



India Capital Growth Fund Limited

5 August 2008

 

India Capital Growth Fund Limited (the 'Company' or 'ICGF')

31 July 2008 NAV Statement

Net Asset Values

The Company announces its net asset values per share as at 31 July 2008:

Net asset value per share - undiluted     67.38 p

Net asset value per share - fully diluted    67.38 p

Progress Update

Lower oil prices and a victory in a no confidence vote for the ruling Congress Party against the communists in India's Parliament were two positive developments during the second half of July. However, inflation continued to remain high with the latest announced annualised increase in the Wholesale Prices Index (for the week ending 18th July 2008) at 11.98%, which is a 13 year high. The Reserve Bank of India (RBI) also increased the Cash Reserve Ratio (CRR) to 9.0% and Repo Rate to 9.0%. 

Reacting to this mixed set of news the market traded in an extremely volatile manner during July. The BSE Sensex ended the month up 6.6%, the BSE Mid Cap Index up 3.4% and the BSE Small Cap Index up 3.1%. The Indian Rupee appreciated by 1.6% against Sterling during the month. 

FIIs were net sellers during the month by USD 455.3 mn. For the year to 31 July 2008 FIIs were net sellers by USD 6.7 billion compared to a net inflow of USD 10.2 billion during the first seven months of 2007.

ICGF's NAV was unchanged in July.  Valuations of ICGF's Investee companies remain at attractive levels; June quarterly results announced to date were in line with expectations; and the Company continues to build up its stake in two recent additions to the portfolio as well as in three existing Investee companies.   

During the month ICGF sold its entire stake in Dabur Pharma at a profit in a public tender offer by German company Fresenius Kabi, which will now take the company private. 

Cash as on 31 July was GBP 5.46 mn. 

  Analysis of holdings at 31 July 2008 

Sector Summary         No. of Companies          % of Portfolio

Textiles          2                 14.8%

Financial Services          3                 12.3%

Media          2                 11.7%

Housing & Construction         5                 10.6%

Transportation          2                 9.3%

IT             3                 7.6%

Oil & Gas                   1                 5.0%

Engineering / Manufacturing      3                 4.8%

Electrical & Lighting          1                 2.5%

Others          4                  10.6%

Total investments          26                  89.2%

Cash                  10.8%

Total Portfolio                     100.0%

Top 10 holdings at 31 July 2008

Holding            Sector          % of Portfolio

S Kumars Nationwide      Textiles              10.8%

Prime Focus          Media              8.1%

Marwadi Shares and Finance      Financial Services          6.9%

Varun Shipping            Shipping              6.4%

Hindustan Oil Exploration      Oil and Gas          5.0%

IT People               IT               4.3%

Akruti City            Housing and Construction      4.2%

Grabal Alok           Textile               4.0%

Bilcare               Pharma Packaging           3.6%

IOL Netcom           Media               3.6%

Portfolio breakdown by size at 31 July 2008

Size                No. of Companies            % of Portfolio

Small Cap                    15              44.3%

Mid Cap                      8              37.4%

Unlisted                       3              7.5%

Cash                                  10.8%

Total                                  100.0%

 

END

 

 

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