Net Asset Value(s)

RNS Number : 3255O

India Capital Growth Fund Limited

04 March 2009

 



India Capital Growth Fund Limited

04 March 2009

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

28 February 2009 NAV Statement

Net Asset Values

The Company announces its net asset values per share as at 28 February 2009:

Net asset value per share - undiluted                           33.44 p

Net asset value per share - fully diluted                       33.44 p

Update

NAV for the month was down 12.0%. While the BSE Sensex was down 5.7%, the BSE Small Cap Index was down 7.0% on the month. The Rupee also depreciated 3.8% against Sterling.

FIIs continued selling with net outflow in the month of USD 604 million. Domestic mutual funds were also net sellers withdrawing USD 295 million. (Source: SEBI). 

Inflation (WPI) fell to 3.36% but GDP growth also slowed to 5.3% for the quarter ended 31 December 2008 as compared to 7.6% in the previous quarter. 

Investment activity in the month has been low with a continuation of the small amount of selective buying into existing portfolio companies and the completion of the exit from one.

The net cash as on 28 February 2009 was GBP 2.8 Million, 11.3% of the portfolio.

Analysis of holdings at 28 February 2009 

Sector Summary	No. of Companies	% of Portfolio
Financial Services	3	16.7%
Textiles	2	13.9%
Transport	2	12.7%
Pharma	1	10.1%
Media	2	9.2%
Process Controls	1	5.5%
Oil and Gas	1	4.8%
IT	3	4.2%
Housing & Construction	3	3.6%
Hotels	1	3.0%
Engineering / Manufacturing	2	2.8%
Others	2	2.2%
Total Investment		88.7%
Net Cash		11.3%
Total Portfolio		100.0%

 Top 10 holdings at 28 February 2009

Holding	Sector	% of Portfolio
Marwadi Shares	Financial Services	11.5%
Bilcare	Pharma	10.1%
Varun Shipping	Transport	9.4%
S. Kumars Nationwide	Textiles	9.1%
ICSA India	Process Control	5.5%
IOL Netcom	Media	5.0%
Great Offshore	Oil and Gas	4.8%
Grabal Alok Impex	Textiles	4.8%
Prime Focus	Media	4.2%
Bank Of Rajasthan	Financial Services	3.7%

Portfolio breakdown by size at 28 February 2009

Size	No. of Companies	% of Portfolio
Small Cap	19	71.5%
Mid Cap	1	4.8%
Unlisted	3	12.4%
Cash		11.3%
Total		100.0%

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