India Capital Growth Fund Limited
3 July 2009
India Capital Growth Fund Limited (the 'Company' or 'ICGF')
30 June 2009 NAV Statement
Net Asset Values
The Company announces its net asset values per share as at 30 June 2009:
Net asset value per share - undiluted 48.49p
Net asset value per share - fully diluted 48.49p
Update
NAV was down 5.9% for the month driven mostly by a 5.6% depreciation of the Rupee against Sterling. The BSE Sensex fell 0.9% and the BSE Small Cap Index fell 4.1% over the month.
Positive market sentiment post the elections with the formation of a stable Congress Government in May has been tempered by worries of a possible poor monsoon. The Indian Meteorological Department has revised its outlook for the monsoon to 'below normal' and this may impact rural demand which has so far held up despite larger and more distant worldwide crises.
The wholesale price index fell by 1.30% for the year to 20 June 2009, although the consumer price index measured for industrial workers rose by 8.63% in the year to 31 May 2009 (the latest consumer price index data available). Due to a high base effect, the annual movement in the wholesale price index is expected to be negative for another 2 to 3 months.
FIIs purchased a net USD 823.5 million in Indian equities, although this figure was substantially higher during the middle of the month from when it reduced.
The company has taken advantage of the present price levels to sell down from three smaller investments while continuing to analyse new opportunities.
Information on the principal investee companies, updated monthly, is contained in the Presentation on the Company's web site (www.indiacapitalgrowth.com).
Analysis of holdings at 30 June 2009
Sector Summary |
No. of Companies |
% of Portfolio |
Textiles |
2 |
19.1% |
Financial Services |
3 |
13.8% |
Transport |
2 |
10.6% |
Media |
2 |
8.5% |
Pharma |
1 |
8.4% |
Process Controls |
1 |
7.9% |
Housing & Construction |
2 |
5.1% |
Oil and Gas |
1 |
5.1% |
IT |
3 |
5.0% |
Engineering / Manufacturing |
2 |
4.3% |
Hotels |
1 |
3.1% |
Others |
1 |
1.0% |
Total Investment |
21 |
91.9% |
Net Cash |
|
8.1% |
Total Portfolio |
|
100.0% |
Top 10 holdings at 30 June 2009
Holding |
Sector |
% of Portfolio |
S. Kumars Nationwide |
Textiles |
14.5% |
Bilcare |
Pharmaceutical services and packaging |
8.4% |
ICSA India |
Process Controls |
7.9% |
Varun Shipping |
Transportation |
7.7% |
Marwadi Shares & Finance |
Financial Services |
7.2% |
Prime Focus |
Media |
6.2% |
Great Offshore |
Offshore Oil and Gas Services |
5.1% |
Grabal Alok Impex |
Textiles |
4.6% |
Bank Of Rajasthan |
Financial Services |
3.8% |
Hindustan Dorr-Oliver |
Engineering / Manufacturing |
3.6% |
Portfolio breakdown by size at 30 June 2009
Size |
No. of Companies |
% of Portfolio |
Small Cap |
18 |
79.6% |
Mid Cap |
1 |
5.1% |
Unlisted |
2 |
7.2% |
Cash |
|
8.1% |
Total |
21 |
100.0% |