Net Asset Value(s)

RNS Number : 4683J

India Capital Growth Fund Limited

03 December 2008

 



India Capital Growth Fund Limited

3 December 2008

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

30 November 2008 NAV Statement

Net Asset Values

The Company announces its net asset values per share as at 30 November 2008:

Net asset value per share - undiluted     38.09 p

Net asset value per share - fully diluted   38.09 p

Update

November was yet another tough month for equities worldwide. In India the BSE Sensex fell 7.1% and the BSE Small Cap Index was down 12.2% on the month while the Company's NAV was down 10.3%.  The Rupee appreciated 4.4% against Sterling during the month and it is now up 2.5% since 1 January 2008.

Inflation and macro economic data released were positive; inflation fell to 8.84% for the week ending November 15th, crude oil prices ended the month around USD 50 and annualised GDP growth for the quarter ended September 2008 was 7.6%. However markets continued to be driven by FIIs who sold a net USD 644 mn during the month taking the total for FII net sales from 1 January 2008 to 30 November to USD 13.6 bn.  

The Company is realising a small number of investments and reinvesting the cash in other existing investments where it is perceived that the greatest price to intrinsic value gap exists. As a result net cash as on 30 November at GBP 1.72 mn remained at approximately 6% of the portfolio.. 

 Analysis of holdings at 30 November 2008 

Sector Summary	No. of Companies	% of Portfolio
Financial Services	3	14.0%
Textiles	2	13.1%
Housing & Construction	5	10.4%
Transportation	2	10.3%
Media	2	10.0%
Pharmaceutical services and packaging	1	9.8%
Process controls	1	8.7%
IT	3	5.4%
Offshore oil & gas services	1	4.0%
Hotels	1	3.5%
Engineering / Manufacturing	3	2.8%
Others	2	2.0%
Total investments	26	94.0%
Net Cash		6.0%
Total Portfolio		100.0%

Top 10 holdings at 30 November 2008

Holding	Sector	% of Portfolio
Bilcare	Pharma Packaging	9.8%
Marwadi Shares and Finance	Financial Services	9.8%
S. Kumars Nationwide	Textiles	8.8%
ICSA India	Process Controls	8.7%
Varun Shipping	Transport	7.9%
Prime Focus	Media	7.6%
Akruti City	Housing and Construction	6.0%
Grabal Alok Impex	Textiles	4.4%
Great Offshore	Offshore Oil and Gas Services	4.0%
Viceroy Hotels	Hotels	3.5%

 Portfolio breakdown by size at 30 November 2008

Size	No. of Companies	% of Portfolio
Small Cap	22	77.5%
Mid Cap	1	6.0%
Unlisted	3	10.5%
Cash		6.0%
Total		100.0%

---

 

END

 

 

NAVUUGGPPUPRGPW