India Capital Growth Fund Limited
06 November 2009
India Capital Growth Fund Limited (the "Company" or "ICGF")
31 October 2009 NAV Statement
Net Asset Values
The Company announces its net asset values per share as at 31 October 2009:
Net asset value per share - undiluted 51.68p
Net asset value per share - fully diluted 51.68p
Update
Indian stock markets fell sharply in the month of October with the BSE Sensex index of large cap companies falling by 7.2% and the BSE Small Cap index by 7.0%. FIIs however purchased a net USD 1.9 bn of Indian equities, although there was selling at the end of the month which has continued during the first few days of November. The Company's NAV was down 9.6% in the month, with the Rupee depreciating by 1.6% against Sterling.
The Reserve Bank of India's (RBI's) monetary policy announced during the month indicated an end to stimulus measures and also increased its wholesale inflation forecast from 5% to 6.5% for March 2010
The Company is maintaining its strategy to use present price levels to sell down from some investments while continuing to analyse new opportunities. At 31 October, cash and cash equivalents were 14.1% of the portfolio. Unlisted investments, the value of which has been left unchanged since February 2009, accounted for a further 7.0% 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 October 2009
Sector Summary |
No. of Companies |
% of Portfolio |
Textiles |
2 |
16.1% |
Financial Services |
3 |
15.6% |
Transport |
2 |
12.3% |
Media |
2 |
8.4% |
Process Controls |
1 |
8.2% |
Pharmaceuticals services and packaging |
1 |
6.7% |
Housing & Construction |
2 |
5.8% |
Engineering / Manufacturing |
1 |
4.5% |
IT |
3 |
4.0% |
Hotels |
1 |
3.2% |
Others |
1 |
1.1% |
Total Investment |
19 |
85.9% |
Net Cash/Cash equivalent |
|
14.1% |
Total Portfolio |
|
100.0% |
Top 10 equity holdings at 31 October 2009
Holding |
Sector |
% of Portfolio |
S. Kumars Nationwide |
Textiles |
13.3% |
ICSA India |
Process Controls |
8.2% |
Varun Shipping Co |
Shipping |
7.0% |
Marwadi Shares and Finance |
Financial Services |
7.0% |
Bilcare |
Pharmaceuticals services and packaging |
6.7% |
Prime Focus |
Media |
6.6% |
Spicejet |
Airlines |
5.3% |
Bank Of Rajasthan |
Banks |
4.9% |
Hindustan Dorr-Oliver |
Engineering / Manufacturing |
4.5% |
Prime Securities |
Financial Services |
3.7% |
Portfolio breakdown by size at 31 October 2009
Size |
No. of Companies |
% of Portfolio |
Small Cap |
15 |
60.8% |
Mid Cap |
2 |
18.1% |
Unlisted |
2 |
7.0% |
Cash/Cash Equivalent |
|
14.1% |
Total |
19 |
100.0% |