Net Asset Value(s)

RNS Number : 1361Q

India Capital Growth Fund Limited

03 April 2009

 



India Capital Growth Fund Limited

03 April 2009

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

31 March 2009 NAV Statement

Net Asset Values

The Company announces its net asset values per share as at 31 March 2009:

Net asset value per share - undiluted                           34.48p

Net asset value per share - fully diluted                       34.48p

Update

NAV for the month was up 3.1%. While the BSE Sensex was up 9.2%, the BSE Small Cap Index was up 4.5% on the month. The Rupee depreciated 0.5% against Sterling.   

FIIs were net buyers for the month with net inflow of USD 131.6 million while Domestic mutual funds
were net buyers of USD 290 million (1 March 09 to 31 March 09). 

The macroeconomic environment in India remains mixed. The RBI announced a further cut in repo and reverse repo rates by 50bp each to 5% and 3.5% respectively and inflation for the week ended March 21, 2009 was reported at 0.31%. However the Index of Industrial Production declined by 0.5% for the month of January and data recently released by the Reserve Bank of India showed that the capital account for the quarter ended 31 December 2008 was negative for the first time since 1998-99 primarily on the back of large portfolio outflows during the period.

While share prices generally have moved up in the month, within the Small Cap sector there is still little discernible direction to the market, and in the ICGF portfolio we have continued to see wide variations in individual stock price movements. There has been little change in the composition of the portfolio, although Brandhouse, the retailing company demerged from S Kumars Nationwide, became listed at the end of the month. Looking ahead, the Indian central government elections (a new parliament is to be constituted on 2 June) and March quarter results (to be released by end April) will be events around which we anticipate the market will experience additional volatility.  

Analysis of holdings at 31 March 2009 

Sector Summary	No. of Companies	% of Portfolio
Financial Services	3	16.4%
Textiles	2	16.2%
Transport	2	11.9%
Pharma	1	8.8%
Media	2	8.2%
Process Controls	1	6.4%
Oil and Gas	1	4.7%
IT	3	4.6%
Housing & Construction	3	4.4%
Engineering / Manufacturing	2	3.1%
Hotels	1	2.3%
Others	2	2.2%
Total Investment	23	89.2%
Net Cash		10.8%
Total Portfolio		100.0%

 Top 10 holdings at 31 March 2009

Holding	Sector	% of Portfolio
S. Kumars Nationwide	Textiles	11.5%
Marwadi Shares	Financial Services	11.1%
Bilcare	Pharma	8.8%
Varun Shipping	Transport	8.8%
ICSA India	Process Controls	6.4%
Grabal Alok Impex	Textiles	4.7%
Great Offshore	Oil and Gas	4.7%
Prime Focus	Media	4.4%
IOL Netcom	Media	3.8%
Bank Of Rajasthan	Financial Services	3.7%

Portfolio breakdown by size at 31 March 2009

Size	No. of Companies	% of Portfolio
Small Cap	20	73.4%
Mid Cap	1	4.7%
Unlisted	2	11.1%
Cash		10.8%
Total		100.0%

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