Net Asset Value(s)

RNS Number : 8173R

India Capital Growth Fund Limited

06 May 2009

 



India Capital Growth Fund Limited

6 May 2009

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

30 April 2009 NAV Statement

Net Asset Values

The Company announces its net asset values per share as at 30 April 2009:

Net asset value per share - undiluted                           38.62p

Net asset value per share - fully diluted                       38.62p

Update

NAV for the month was up 12.0%. As expected in the run up to the General Election, the market was extremely volatile, but ended the month strongly positive with the BSE Sensex up 17.5% and the BSE Small Cap Index up 21.4% on the month. The Rupee, however, depreciated 1.4% against Sterling.

 With cash representing 10.8% of the portfolio and a further 11.1% in unlisted investments at the start of the month, our performance lagged the indices in April's market rebound.  While almost without exception the share prices of the listed stocks in the portfolio moved positively there was a wide variation between individual stocks, with some, including some of our larger holdings, making relatively modest gains while others increased substantially.  

FIIs were net buyers in the month, with a net inflow of USD 1,475 million, while domestic mutual funds were net sellers for most of the month but by the end of month had restored a broadly neutral position with overall net purchases of just USD 7 million (1 April 09 to 28 April 09).   Wholesale price inflation was at 0.56% for the week to April 18 and industrial production contracted an annualized 1.2 % in February 2009 driven by a continued fall in exports which fell by an annualized 33% in March 2009.

During the month the company exited completely from two small investments. Net cash as at 30 April 2009 was GBP 3.3 Million, 11.4% of the portfolio.  

We expect continued volatility in the markets as India awaits next month's General Election results. These are due to be announced on 16 May and a new parliament is due to be convened by 2 June. Only then will the forward political landscape start to become clear.

Analysis of holdings at 30 April 2009 

Sector Summary	No. of Companies	% of Portfolio
Textiles	2	15.9%
Financial Services	3	15.4%
Transport	2	11.3%
Media	2	8.4%
Pharma packaging	1	7.9%
Process Controls	1	7.4%
IT	3	5.7%
Housing & Construction	2	5.0%
Oil and Gas	1	4.5%
Engineering / Manufacturing	2	3.5%
Hotels	1	2.7%
Others	1	0.9%
Total Investment	21	88.6%
Net Cash		11.4%
Total Portfolio		100.0%

 Top 10 holdings at 30 April 2009

Holding	Sector	% of Portfolio
S. Kumars Nationwide	Textiles	11.2%
Marwadi Shares and Finance	Financial Services	9.8%
Varun Shipping	Transport	8.5%
Bilcare	Pharma packaging	7.9%
ICSA India	Process Controls	7.4%
Prime Focus	Media	5.2%
Grabal Alok Impex	Textiles	4.7%
Great Offshore	Oil and Gas	4.5%
Bank Of Rajasthan	Financial Services	3.7%
Arihant Foundations and Housing	Housing & Construction	3.4%

Portfolio breakdown by size at 30 April 2009

Size	No. of Companies	% of Portfolio
Small Cap	18	74.3%
Mid Cap	1	4.5%
Unlisted	2	9.8%
Cash		11.4%
Total	21	100.0%

 

END

 

 

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