Net Asset Value(s)

RNS Number : 6874C

India Capital Growth Fund Limited

03 September 2008

 



India Capital Growth Fund Limited

03 September 2008

 

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

31 August 2008 NAV Statement

Net Asset Values

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

Net asset value per share - undiluted     72.34 p

Net asset value per share - fully diluted    72.34 p

Progress Update

The Company's NAV increased by 7.4% in the month of August 2008. The BSE Sensex was up 1.5% and the BSE Mid Cap Index was up 3.1% for the month, however, the BSE Small Cap Index closed down 0.3% over the period. The Indian Rupee appreciated by 4.9% against Sterling during the 
month. FIIs continued to be net sellers during the month by USD 300 mn. For the first eight months of 2008 FIIs were net sellers by USD 7.1 billion compared to net purchases of USD 8.3 billion during the equivalent period in 2007.

The rally in Indian equities in the first half of the month was primarily due to oil prices falling from the $125/bbl level to around $112/bbl. However oil prices rose during the second half of August and inflation (as measured by WPI) has remained in double figures. As on August 9th and
 16th, WPI stood at 12.63% and 12.40% respectively, the highest levels for 16 years. 

India's GDP grew 7.9% in 1QFY09 (Apr-June 2008). The last time India's GDP was below the 8% mark was in 3QFY05. This slowing of growth started three quarters ago and despite a host of unfavourable 
domestic and international developments the slowing of growth has been modest especially in
 comparison to other parts of the global economy. 

In August the Company completed its exit from Hindustan Oil Exploration at a good profit and has begun buying into one new portfolio company. The strategy otherwise has been to continue building up 
stakes gradually in three other existing portfolio companies. Constant and close contact is maintained with all investee companies. 

Cash as at 31 August was GBP 6.3 mn, 11.5% of the portfolio. 

Analysis of holdings at 31 August 2008

Sector Summary                                                No. of Companies                        % of Portfolio

Textiles                                                                                     2                                         14.2%

Media                                                                                         2                                         12.2%

Financial Services                                                                 3                                         11.8%

Housing & Construction                                                     5                                         10.9%

Transportation                                                                       2                                           8.8%

IT                                                                                                  3                                           7.7%

Engineering / Manufacturing                                           3                                           5.0%

Pharmaceuticals services and packaging                    1                                           4.3%

Process controls                                                                    1                                           3.8%

Offshore oil and gas services                                           1                                           3.4%

Hotels                                                                                        1                                           3.2%

Others                                                                                        2                                           3.2%

Total investments                                                                 26                                       88.5%

Cash                                                                                                                                        11.5%

Total Portfolio                                                                                                                  100.0%

 

Top 10 holdings at 31 August 2008

Holding                                                                 Sector                                                % of Portfolio

S Kumars Nationwide                                      Textiles                                                  10.5%

Prime Focus                                                        Media                                                       7.6%

Marwadi Shares and Finance                       Financial Services                                6.8%

Varun Shipping                                                  Shipping                                                  6.1%

Akruti City                                             Housing and Construction               4.8%

IOL Netcom                                                         Media                                                       4.6%

Bilcare                                                                   Pharma Packaging                               4.3%

IT People                                                              IT                                                               4.3%

ICSA                                                                       Power Equipments                             3.8%

Grabal Alok Impex                                          Textiles                                                    3.7%

 

                   

Portfolio breakdown by size at 31 August 2008

 

Size                                                                         No. of Companies                        % of Portfolio

Small Cap                                                                                15                                          44.4%

Mid Cap                                                                                      7                                         31.9%

Large Cap                                                                                   1                                           4.8%   

Unlisted                                                                                      3                                           7.4%

Cash                                                                                                                                         11.5%

Total                                                                                                                                       100.0%

 

END

 

 

PFUUUUUPBUPRGAW