Net Asset Value(s)

RNS Number : 1163V

India Capital Growth Fund Limited

03 July 2009

 



India Capital Growth Fund Limited

3 July 2009

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

30 June 2009 NAV Statement

Net Asset Values

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

Net asset value per share - undiluted                           48.49p

Net asset value per share - fully diluted                       48.49p

Update

NAV was down 5.9% for the month driven mostly by a 5.6% depreciation of the Rupee against Sterling. The BSE Sensex fell 0.9% and the BSE Small Cap Index fell 4.1% over the month.

Positive market sentiment post the elections with the formation of a stable Congress Government in May has been tempered by worries of a possible poor monsoon. The Indian Meteorological Department has revised its outlook for the monsoon to 'below normal' and this may impact rural demand which has so far held up despite larger and more distant worldwide crises.

The wholesale price index fell by 1.30% for the year to 20 June 2009, although the consumer price index measured for industrial workers rose by 8.63% in the year to 31 May 2009 (the latest consumer price index data available). Due to a high base effect, the annual movement in the wholesale price index is expected to be negative for another 2 to 3 months.

FIIs purchased a net USD 823.5 million in Indian equities, although this figure was substantially higher during the middle of the month from when it reduced. 

The company has taken advantage of the present price levels to sell down from three smaller investments while continuing to analyse new opportunities.

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 June 2009 

Sector Summary	No. of Companies	% of Portfolio
Textiles	2	19.1%
Financial Services	3	13.8%
Transport	2	10.6%
Media	2	8.5%
Pharma	1	8.4%
Process Controls	1	7.9%
Housing & Construction	2	5.1%
Oil and Gas	1	5.1%
IT	3	5.0%
Engineering / Manufacturing	2	4.3%
Hotels	1	3.1%
Others	1	1.0%
Total Investment	21	91.9%
Net Cash		8.1%
Total Portfolio		100.0%

 Top 10 holdings at 30 June 2009

Holding	Sector	% of Portfolio
S. Kumars Nationwide	Textiles	14.5%
Bilcare	Pharmaceutical services and packaging	8.4%
ICSA India	Process Controls	7.9%
Varun Shipping	Transportation	7.7%
Marwadi Shares & Finance	Financial Services	7.2%
Prime Focus	Media	6.2%
Great Offshore	Offshore Oil and Gas Services	5.1%
Grabal Alok Impex	Textiles	4.6%
Bank Of Rajasthan	Financial Services	3.8%
Hindustan Dorr-Oliver	Engineering / Manufacturing	3.6%

Portfolio breakdown by size at 30 June 2009

Size	No. of Companies	% of Portfolio
Small Cap	18	79.6%
Mid Cap	1	5.1%
Unlisted	2	7.2%
Cash		8.1%
Total	21	100.0%

 

END

 

 

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