Net Asset Value(s)

RNS Number : 5617D

India Capital Growth Fund Limited

03 December 2009

 



India Capital Growth Fund Limited

3 December 2009

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

30 November 2009 NAV Statement

Net Asset Values

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

Net asset value per share - undiluted                           52.92p

Net asset value per share - fully diluted                       52.92p

Update

The Company's NAV was up 2.4% in the month of November, with the Rupee appreciating by 1.0% against Sterling in the period. The BSE Sensex rose by 6.5% and the BSE Small Cap index by 6.6% during the month with FIIs purchasing a net USD 1.2bn of Indian equities in November. FII net inflows for the 11 months to 30 November 2009 were USD 15.3 billion compared to a net outflow of USD 13.2 billion for the equivalent period in 2008.

India's GDP in Q3FY10 (three months to 30 September 2009) grew 7.9% from a year earlier. However this growth was driven primarily by a 26.9% jump in Government expenditure. Excluding Government consumption, this GDP growth would have been 4.9%, down from 5.5% in the previous quarter. This is still healthy growth compared to the situation in most other countries around the world but private sector growth needs to increase to reduce the reliance on the Government stimulus. 

While Industrial output, as measured by the index of industrial production (IIP), grew by an annualised 9.12% in September, up from an annualised 6% in September 2008, annual food inflation rose by 14.5% for the week ended 7 November 2009. Reining in food inflation while maintaining growth is a key challenge facing India.

The Company has continued with its strategy of using present price levels to exit from one investment and to sell down from other investments. On 30 November, cash and cash equivalents were 22.9% of the portfolio. Unlisted investments, the value of which has been left unchanged since February 2009, accounted for a further 6.9% 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 30 November 2009

Sector Summary	No. of Companies	% of Portfolio
Textiles	2	16.3%
Transport	2	13.8%
Financial Services	2	9.0%
Media	2	8.6%
Process Controls	1	7.3%
Pharmaceuticals services and packaging	1	6.9%
Housing & Construction	2	5.8%
IT	3	3.6%
Engineering / Manufacturing	1	2.9%
Hotels	1	2.0%
Others	1	0.9%
Total Investment	18	77.1%
Net Cash/Cash equivalent		22.9%
Total Portfolio		100.0%

Top 10 equity holdings at 30 November 2009 

Holding	Sector	% of Portfolio
S. Kumars Nationwide Ltd	Textiles	13.1%
ICSA India Ltd	Process Controls	7.3%
Varun Shipping Co Limited	Shipping	7.1%
Bilcare Ltd	Pharmaceuticals	6.9%
Marwadi Shares	Financial Services	6.9%
Prime Focus Ltd	Media	6.8%
Spicejet Limited	Airlines	6.7%
Arihant Foundations & Housing	Housing and Construction	3.2%
Grabal Alok Impex Ltd	Textiles	3.2%
Hindustan Dorr-Oliver Ltd	Engineering / Manufacturing	2.9%

Portfolio breakdown by size at 30 November 2009 

Size	No. of Companies	% of Portfolio
Small Cap	14	50.4%
Mid Cap	2	19.8%
Unlisted	2	6.9%
Cash/Cash Equivalent		22.9%
Total	18	100.0%

 

END

 

 

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