Net Asset Value(s) & Update

RNS Number : 2154F

India Capital Growth Fund Limited

07 January 2010

 

India Capital Growth Fund Limited

7 January 2010 

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

31 December 2009 NAV Statement

Net Asset Values

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

Net asset value per share - undiluted                           59.58p

Net asset value per share - fully diluted                       59.58p

Update

The Company's NAV was up 12.6% in the month of December, with the Rupee appreciating by 2.4% against Sterling in the period.   The carrying value of the unlisted investments was reviewed in the month and the valuation increase from this review was the equivalent of 2.0 pence per share on the Company's NAV and was equivalent to a 3.7% increase in the NAV in the month.

The BSE Sensex rose by 3.3% and the BSE Small Cap index by 11.6% during the month with FIIs purchasing a net USD 2.04bn of Indian equities in December. FII net inflow for the 12 months to 31 December 2009 was USD 17.6bn compared to a net outflow of USD 12.9bn for the equivalent period in 2008.

The Indian Prime Minister, Dr. Manmohan Singh, has stated that he expects the Indian economy to grow at more than 7% for the financial year ending March 2010. Food inflation, however, continues to be high, with the index for the week ended 19th December being 19.8% higher than it was a year earlier. Controlling food inflation while maintaining growth is a key challenge facing Indian policymakers.

The Company used present price levels to exit from one investment and to sell down from other investments. On 31 December, cash and cash equivalents were 26.7% of the portfolio. Unlisted investments,  at their revalued amounts,  accounted for a further 9.6% of the portfolio. 

As announced on 4 January 2010, David Cornell has joined the investment management team at India Investment Partners Limited from Henderson New Star. David is now involved in the management of the ICGF 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 December 2009

Sector Summary	No. of Companies	% of Portfolio
Textiles	2	14.9%
Transport	2	13.9%
Financial Services	1	9.6%
Media	2	8.9%
Pharma	1	8.6%
Process Controls	1	7.4%
Housing & Construction	2	5.5%
Engineering / Manufacturing	1	2.6%
IT	2	1.1%
Others	1	0.8%
Total Investment	15	73.3%
Net Cash/Cash equivalent		26.7%
Total Portfolio		100.0%

Top 10 equity holdings at 31 December 2009 

Holding	Sector	% of Portfolio
S. Kumars Nationwide	Textiles	12.1%
Marwadi Shares and Finance	Financial Services	9.6%
Bilcare	Pharmaceuticals	8.6%
ICSA India	Process Controls	7.4%
Spicejet	Airlines	7.3%
Prime Focus	Media	7.1%
Varun Shipping Co	Shipping	6.7%
Arihant Foundations & Housing	Housing and Construction	2.8%
Grabal Alok Impex	Textiles	2.9%
MSK Projects India	Housing and Construction	2.7%

Portfolio breakdown by size at 31 December 2009  

Size	No. of Companies	% of Portfolio
Small Cap	11	44.3%
Mid Cap	2	19.4%
Unlisted	2	9.6%
Cash/Cash Equivalent		26.7%
Total	15	100.0%

 

END

 

 

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