Net Asset Value(s)

India Capital Growth Fund Limited
04 December 2007



India Capital Growth Fund Limited
04 December 2007

30 November 2007 NAV Statement

India Capital Growth Fund Limited (the 'Company')

30 November 2007

Net Asset Values

The Company announces its net asset values per share as at 30 November 2007:

Net asset value per share - undiluted         139.32 p

Net asset value per share - fully diluted     132.77 p

Progress Update

Undiluted NAV increased by a net 2.6% during the month, giving a cumulative 
increase for the year to date of 49.4%.

The Indian market's performance this month has been range bound for large caps
compared to the upward trend seen last  month, with FIIs having been net sellers
(US$1.5 Bn). However, the mid and small cap indices moved up strongly in 
November and gained 5.1% and 7.4% respectively.

Inflation, based on the wholesale price index (WPI), declined to 3.21% for the
week ended 17 November 2007. GDP growth  rate for Q2 ended 30 September 2007 was
8.9% compared to 9.3% for the quarter ended 30 June 2007.

In view of the strength in the mid and small cap markets, the Company decided to
realise some gains by top slicing from  certain holdings. The resultant cash has
been invested in new opportunities. As at 30 November 2007, the Company was 
97.1% invested, with 2.9% in cash.


Analysis of holdings at 30 November 2007

Sector Summary                            No. of Companies       % of Portfolio
Media                                                    2                21.2%
Housing & Construction                                   5                14.8%
Textiles                                                 3                14.5%
Financial Services                                       4                14.0%
IT                                                       4                 8.5%
Transport                                                2                 7.0%
Electrical & Lighting                                    1                 6.2%
Engineering / Manufacturing                              4                 4.4%
Others                                                   3                 6.5%
Total investments                                       28                97.1%
Cash                                                                       2.9%
Total Portfolio                                                          100.0%

Top 10 holdings at 30 November 2007

Holding                              Sector                      % of Portfolio

S Kumars Nationwide                  Textiles                             11.0%
IOL Broadband                        Media                                10.8%
Prime Focus                          Media                                10.4%
Asian Electronics                    Electricals and Lighting              6.2%
Prime Securities                     Financial Services                    5.2%
Arihant Foundations and Housing      Housing and Construction              5.1%
Logix Microsystems                   IT                                    4.8%
Gruh Finance                         Financial Services                    3.9%
SpiceJet                             Transportation                        3.5%
Varun Shipping                       Transportation                        3.5%






                      This information is provided by RNS
            The company news service from the London Stock Exchange