Net Asset Value(s)

India Capital Growth Fund Limited
06 December 2006


India Capital Growth Fund Limited
06 December 2006

India Capital Growth Fund

30 November 2006 NAV Statement

India Capital Growth Fund Limited (the 'Company')

06 December 2006

Net Asset Values

The Company announces its net asset values per share as at 30 November 2006:

Net asset value per share - undiluted               92.60 p
Net asset value per share - fully diluted           93.83 p

Progress Update

The Market Environment

Foreign Institutional Investors continue to invest in India, with more than US$
2 Bn inflows in November, the highest  monthly inflow in this calendar year. The
economy recorded a strong 2nd quarter GDP growth of 9.2% compared to 8.9% in 
the last quarter. Backed by the strong GDP growth the BSE Sensex touched an all
time closing high of 13,773. There has  been a continuing interest in large cap
stocks compared to small and mid-cap stocks, clearly evident from the higher 
increase in Sensex than Small Cap Index.

During November, the Rupee moved to 87.21 against Sterling, depreciating by
1.93%. Since 1 Jan 2006 the Rupee has  depreciated by 11.97% against Sterling.

Market Changes                         BSE Sensex         BSE Small Cap Index
                                       (% Change)              (% Change)

31 Dec '05 to 30 November               45.74%                   11.85%
31 October to 30 November                5.67%                    3.98%



Activity during the Month

The Company has continued to add to its positions in its core portfolio. We have
increased our stakes in Grabal Alok,  Gruh Finance and Mahindra Ugine (which now
features among our top 5 small and mid-cap holdings). We have also  subscribed
to the preferential allotment in S Kumars Nationwide.

We have exited from two large cap companies - one bank and another manufacturing
company - and partially sold down in  three other companies.

However, activity during the month remained subdued due to expensive valuations
in the secondary market.

Summary of Holdings at 30 November 2006 by size

Category                   No. of Companies         % of Portfolio
Small and Mid-Cap                27                     69.8%
Large Cap                        6                      9.3%
Total Investments                33                     79.0%
Cash                                                    21.0%

Small and Mid-Cap Holdings at 30 November 2006 by Sector
Sector Summary                                                   % of Portfolio
Housing &Construction                                                      9.7%
Textiles                                                                   8.3%
Engineering / Other Manufacturing                                          6.4%
Auto Components                                                            6.0%
Steel/Pig Iron                                                             5.5%
IT                                                                         5.4%
Media                                                                      4.1%
Electricals                                                                3.9%
Aviation                                                                   3.5%
Housing Finance                                                            3.3%
Shipping                                                                   2.9%
Financial Services                                                         2.8%
Pharmaceuticals                                                            2.3%
Agro Chemicals                                                             2.1%
Hotels                                                                     1.8%
Sugar                                                                      1.4%
FMCG                                                                       0.2%

Top 5 Small and Mid Cap Holdings at 30 November 2006

Holding                            Sector                         % of Portfolio
S Kumars Nationwide                Textiles                                 5.7%
Logix Microsystems                 IT                                       4.2%
Prime Focus                        Media                                    4.1%
Asian Electronics                  Electricals                              3.9%
Mahindra Ugine                     Auto Components                          3.9%


6 December 2006




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