Net Asset Value(s)

India Capital Growth Fund Limited
07 May 2008



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

7 May 2008


30 April 2008 NAV Statement

Net Asset Values

The Company announces its net asset values per share as at 30 April 2008:

Net asset value per share - undiluted     96.37 p

Net asset value per share - fully diluted 96.37 p

Progress Update


Undiluted NAV increased by 12.4% in the month. During the month the large cap
BSE Sensex was up by 10.5%, while the BSE mid and small cap indices rose 11.1%
and 11.9% respectively. The Indian Rupee remained flat against Sterling. FII's
invested a net USD 266 million in April compared to a net withdrawal of USD 2.8
billion for the first three months of 2008.


Inflation, based on WPI for the week ended 25 April was at a 42 week high of
7.57%. This was due primarily to oil and commodities and a selection of food
items. Some analysts expect an easing of food inflation as the Central
Government succeeded in procuring (as on 1 May and as part of its public
distribution process) 15.4 million tones of wheat as against the 8.2 million
tones it procured during the same period last year. The Reserve Bank of India,
while increasing bank's cash reserve requirements, has also stated that it
believes inflation will be brought under control and that it expects real GDP
growth for the current financial year to stay between 8.0% and 8.5%.


Markets recovered some equilibrium in April on the back of positive quarterly
results, although rising inflation remains an issue. Volatility continues, with
some significant rises in prices of stocks within the ICGF portfolio.


10 out of 25 portfolio companies have announced their financial results to 31
March 2008. Excluding IOL Netcom, which is still in its development phase,
average growth in both operating income and profit after tax for these companies
for the full year ended 31 March 2008 over the previous year was in excess of
80%.


In two portfolio companies, Hindustan Oil Exploration Company (HOEC) and Dabur
Pharma, potential acquirers have announced public tender offers at prices above
ICGF's cost price. These offers close on 30 June and 3 July respectively.



Analysis of holdings at 30 April 2008

Sector Summary                                             No. of Companies                     % of Portfolio          
Textiles                                                          2                                  15.4%
Media                                                             2                                  13.1%
Housing & Construction                                            5                                  13.0%
Financial Services                                                3                                  12.1%
Transportation                                                    2                                   8.6%
IT                                                                4                                   7.3%
Oil & Gas                                                         1                                   4.5%
Electrical & Lighting                                             1                                   4.3%
Engineering / Manufacturing                                       3                                   4.2%
Others                                                            2                                   5.8%
Total investments                                                25                                  88.3%
Cash                                                                                                 11.7%
Total Portfolio                                                                                     100.0%


Top 10 holdings at 30 April 2008

Holding                                                        Sector                           % of Portfolio
S Kumars Nationwide                                            Textiles                              11.5%
Prime Focus                                                    Media                                  8.6%
Varun Shipping                                                 Transportation                         5.4%
Marwadi Shares and Finance                                     Financial Services                     5.1%
Akruti City                                                    Housing and Construction               4.6%
Hindustan Oil Exploration                                      Oil and Gas                            4.5%
IOL Netcom                                                     Media                                  4.5%
Asian Electronics                                              Electricals and Lighting               4.3%
Prime Securities                                               Financial Services                     4.3%
Logix Microsystems                                             Software                               4.1%

Portfolio breakdown by size at 30 April 2008

Size                                                           No. of Companies                 % of Portfolio
Small Cap                                                       14                                   47.3%
Mid Cap                                                          8                                   31.3%
Large Cap                                                        1                                    4.6%
Unlisted                                                         2                                    5.1%
Cash                                                                                                 11.7%
Total                                                                                               100.0%




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