Net Asset Value(s)

RNS Number : 1120C

India Capital Growth Fund Limited

06 November 2009

 



India Capital Growth Fund Limited

06 November 2009

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

31 October 2009 NAV Statement

Net Asset Values

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

Net asset value per share - undiluted                           51.68p

Net asset value per share - fully diluted                       51.68p

Update

Indian stock markets fell sharply in the month of October with the BSE Sensex index of large cap companies falling by 7.2% and the BSE Small Cap index by 7.0%. FIIs however purchased a net USD 1.9 bn of Indian equities, although there was selling at the end of the month which has continued during the first few days of November.  The Company's NAV was down 9.6% in the month, with the Rupee depreciating by 1.6% against Sterling.

 The Reserve Bank of India's (RBI's) monetary policy announced during the month indicated an end to stimulus measures and also increased its wholesale inflation forecast from 5% to 6.5% for March 2010

The Company is maintaining its strategy to use present price levels to sell down from some investments while continuing to analyse new opportunities. At 31 October, cash and cash equivalents were 14.1% of the portfolio. Unlisted investments, the value of which has been left unchanged since February 2009, accounted for a further 7.0% 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 31 October 2009 

Sector Summary	No. of Companies	% of Portfolio
Textiles	2	16.1%
Financial Services	3	15.6%
Transport	2	12.3%
Media	2	8.4%
Process Controls	1	8.2%
Pharmaceuticals services and packaging	1	6.7%
Housing & Construction	2	5.8%
Engineering / Manufacturing	1	4.5%
IT	3	4.0%
Hotels	1	3.2%
Others	1	1.1%
Total Investment	19	85.9%
Net Cash/Cash equivalent		14.1%
Total Portfolio		100.0%

Top 10 equity holdings at 31 October 2009 

Holding	Sector	% of Portfolio
S. Kumars Nationwide	Textiles	13.3%
ICSA India	Process Controls	8.2%
Varun Shipping Co	Shipping	7.0%
Marwadi Shares and Finance	Financial Services	7.0%
Bilcare	Pharmaceuticals services and packaging	6.7%
Prime Focus	Media	6.6%
Spicejet	Airlines	5.3%
Bank Of Rajasthan	Banks	4.9%
Hindustan Dorr-Oliver	Engineering / Manufacturing	4.5%
Prime Securities	Financial Services	3.7%

Portfolio breakdown by size at 31 October 2009 

Size	No. of Companies	% of Portfolio
Small Cap	15	60.8%
Mid Cap	2	18.1%
Unlisted	2	7.0%
Cash/Cash Equivalent		14.1%
Total	19	100.0%

 

END

 

 

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