Net Asset Value(s)

RNS Number : 2217A

India Capital Growth Fund Limited

05 October 2009

 



India Capital Growth Fund Limited

05 October 2009

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

30 September 2009 NAV Statement

Net Asset Values

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

Net asset value per share - undiluted                           57.18p

Net asset value per share - fully diluted                       57.18p

Update

The Indian stock markets continued to move forward in the month with a rise of 9.3% in the BSE Sensex index of leading shares. FIIs purchased a net USD 4.1 billion of Indian equities in September, making this month's inflow the fifth highest ever.   Smaller stocks also gained with rises of 8.5% in the BSE Small Cap index and 7.5% in the BSE Mid Cap Index. The Company's NAV was up 6.1% in the month, with the Rupee appreciating by 3.5% against Sterling. 

The index of industrial production grew at an annual rate of 6.8% for the month of July but the consumer price index (CPI) measured for industrial workers rose by 11.89% in the year to 31 July 2009 (the latest CPI data available) driven primarily by food price increases.  These increases were fuelled by a weak monsoon which the India Meteorological Department reported as being the worst for 30 years.  The wholesale price index increased marginally by 0.83% for the year to 19 September 2009. 

The Company is maintaining its strategy to use present price levels to sell down from three investments while continuing to analyse new opportunities. At 30 September 2009, cash and cash equivalents were 13.1% of the portfolio. Unlisted investments, the value of which has been left unchanged since February 2009, accounted for a further 6.4% 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 30 September 2009 

Sector Summary	No. of Companies	% of Portfolio
Textiles	2	17.3%
Financial Services	3	14.1%
Transport	2	12.0%
Process Controls	1	8.8%
Media	2	8.1%
Pharmaceuticals services and packaging	1	7.2%
Housing & Construction	2	6.1%
IT	3	4.4%
Engineering / Manufacturing	1	4.2%
Hotels	1	3.5%
Others	1	1.2%
Total Investment	19	86.9%
Net Cash/Cash equivalent		13.1%
Total Portfolio		100.0%

Top 10 equity holdings at 30 September 2009

Holding	Sector	% of Portfolio
S. Kumars Nationwide	Textiles	14.4%
ICSA India	Process Controls	8.8%
Varun Shipping Co	Shipping	7.3%
Bilcare	Pharmaceuticals services and packaging	7.2%
Marwadi Shares and Finance	Financial Services	6.4%
Prime Focus	Media	6.2%
Bank Of Rajasthan	Banks	4.8%
Spicejet	Airlines	4.7%
Hindustan Dorr-Oliver	Engineering / Manufacturing	4.2%
Arihant Foundations & Housing	Housing and Construction	3.8%

Portfolio breakdown by size at 30 September 2009

Size	No. of Companies	% of Portfolio
Small Cap	14	52.5%
Mid Cap	3	28.0%
Unlisted	2	6.4%
Cash/Cash Equivalent		13.1%
Total	19	100.0%

 

END

 

 

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