Net Asset Value(s)

RNS Number : 5564Y

India Capital Growth Fund Limited

04 September 2009

 

India Capital Growth Fund Limited

4 September 2009

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

31 August 2009 NAV Statement

Net Asset Values

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

Net asset value per share - undiluted                           53.90p

Net asset value per share - fully diluted                       53.90p

Update

NAV was up 9.3% in the month. 

The BSE Sensex was flat over the month, while the BSE Mid Cap Index was up 5.6% and the BSE Small Cap Index was up 12.7%. The Rupee appreciated marginally (0.7%) against Sterling. 

As at 31 August 2009, 53.2% of the portfolio was invested in small cap stocks, and 27.7% in midcaps.

FIIs continued investing in Indian equity markets and purchased a net USD 1.0 billion of Indian equities in July.  

India's GDP for the quarter ending June 2009 was up 6.1% from the comparable quarter in 2008 however concerns over the monsoon persist with rains being 25% below the long term average by the end of August. The Consumer Price Index as at 31 July showed an annual increase of 11.89%; the last time CPI was above 10% was in December 1998.  

The Company is using present price levels to sell down from three investments while continuing to analyse new opportunities. At 31 August 2009, cash and cash equivalents were 12.6% of the portfolio. Unlisted investments, the value of which has been left unchanged since February 2009, accounted for a further 6.5% of the portfolio. 

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 31 August 2009 

Sector Summary	No. of Companies	% of Portfolio
Textiles	2	17.4%
Financial Services	3	13.5%
Transport	2	11.0%
Process Controls	1	9.0%
Media	2	8.7%
Pharmaceuticals services and packaging	1	6.9%
Housing & Construction	2	6.3%
Engineering / Manufacturing	2	5.2%
IT	3	4.9%
Hotels	1	3.1%
Others	1	1.4%
Total Investment	20	87.4%
Net Cash/Cash equivalent		12.6%
Total Portfolio		100.0%

 Top 10 equity holdings at 31 August 2009

Holding	Sector	% of Portfolio
S. Kumars Nationwide	Textiles	14.2%
ICSA India	Process Controls	9.0%
Varun Shipping Co	Shipping	7.4%
Bilcare	Pharmaceuticals services and packaging	6.9%
Marwadi Shares and Finance	Financial Services	6.5%
Prime Focus	Media	6.4%
Hindustan Dorr-Oliver	Engineering / Manufacturing	4.6%
Bank Of Rajasthan	Banks	4.5%
Arihant Foundations & Housing	Housing and Construction	4.2%
Logix Microsystems	Software	3.6%

Portfolio breakdown by size at 31 August 2009

Size	No. of Companies	% of Portfolio
Small Cap	15	53.2%
Mid Cap	3	27.7%
Unlisted	2	6.5%
Cash/Cash Equivalent		12.6%
Total	20	100.0%

 

END

 

 

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