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IGC India Capital Growth Fund Limited

6.00 (3.51%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
India Capital Growth Fund Limited LSE:IGC London Ordinary Share GB00B0P8RJ60 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  6.00 3.51% 177.00 503,976 16:27:53
Bid Price Offer Price High Price Low Price Open Price
177.00 179.00 180.50 171.00 173.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 40.31M 38.61M 0.4416 4.01 154.74M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:36:19 AT 320 177.00 GBX

India Capital Growth (IGC) Latest News (1)

India Capital Growth (IGC) Discussions and Chat

India Capital Growth Forums and Chat

Date Time Title Posts
14/6/202410:22India Capital Growth Fund248
14/10/201413:13India Capital Growth Fund29

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India Capital Growth (IGC) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-06-14 15:36:19177.00320566.40AT
2024-06-14 15:36:19177.009671,711.59AT
2024-06-14 15:36:19177.009671,711.59AT
2024-06-14 15:36:19177.009671,711.59AT
2024-06-14 15:36:19177.009671,711.59AT

India Capital Growth (IGC) Top Chat Posts

Top Posts
Posted at 15/6/2024 09:20 by India Capital Growth Daily Update
India Capital Growth Fund Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker IGC. The last closing price for India Capital Growth was 171p.
India Capital Growth currently has 87,424,156 shares in issue. The market capitalisation of India Capital Growth is £154,740,756.
India Capital Growth has a price to earnings ratio (PE ratio) of 4.01.
This morning IGC shares opened at 173.50p
Posted at 04/6/2024 09:40 by investingdad
It is recovering. Seemed a big over reaction to me. Was available at a good price Vs recent performance. An 8% drop on the open. Even with a smaller majority there is life in the Indian growth theme.
Posted at 06/5/2024 10:57 by bigboyblue
This is copied from the ANII board, posted a couple of weeks ago:

Citywire today:
23 Apr, 2024
Martin Gilbert-linked India trust seeks Abrdn fund merger
India Capital Growth, whose Ocean Dial fund manager is part of Aberdeen Asset Management founder Martin Gilbert’s new group, has made merger approaches to Abrdn New India.

Abrdn New India (ANII) is under pressure to become the fifth Abrdn trust to merge in the past 13 months as rivals circle the serial underperformer.

India Capital Growth (IGC), a £159m better-performing mid-cap fund, is understood to have made several approaches to Abrdn New India this year about combining with the £439m listed large-cap fund.

A source with knowledge of the situation said that JP Morgan, whose £814m Indian (JII) investment trust is the sector’s largest but worst-performing fund, had also shown interest in a combination with New India, which marks its 20th anniversary this year. However, New India may also be looking at a merger with another JPM trust.

New India, chaired by Michael Hughes, the former Barclays Capital and BZW stockbroker, has not responded to Elisabeth Scott (pictured above), the chair of India Capital Growth. It is said to prefer a merger with stablemate Abrdn Asia Focus (AAS), a £486m smaller companies fund run by Hugh Young until last year.

If it were to happen, a merger with India Capital Growth would put the assets of New India back within the fold of Martin Gilbert, the co-founder of Aberdeen Asset Management in 1982 who established the company as a leading investment trust provider and oversaw the launch of the single country fund in 2004.

Since stepping down as chief executive of Aberdeen following its 2017 merger with Standard Life, Gilbert (pictured below) has led fund management consolidator AssetCo (ASTO). Last year it bought India Capital Growth’s investment adviser Ocean Dial Asset Management, putting it within the River and Mercantile business that Gilbert bought in 2022, which has recently rebranded as River Global.

Abrdn declined to comment specifically on New India but said: ‘In these volatile markets with a dearth of IPO activity, it is no surprise to see approaches across the investment company sector. Boards are often approached informally but we can’t comment on individual trusts and indeed the variability of market performance often means that any such thoughts quickly change.’

Corporate activity between investment companies has shot up in the past 18 months as boards respond to shareholder dissatisfaction at a sector-wide de-rating that has seen shares in many listed funds trade well below asset value.
India trusts

In the India sector, IGC stands on an 11% discount and ANII and JII trade on discounts of 18% and 20% below net asset value.

Ashoka India Equity (AIE) is the only one of the four to trade on a premium of 4% above NAV. This reflects the £357m mid-cap fund’s superior performance. Under Prashant Khemka of White Oak Capital Management, it has returned 155% to shareholders over three years, beating IGC’s 78%, although the latter’s 10-year return of 313% under Ocean Dial’s Gaurav Narain (pictured below) is the best in the sector.

JII, run by JPMorgan’s Amit Mehta and Sandip Patodia following the recent move off the trust by Ayaz Ebrahim, has returned 211% over 10 years, while ANII, managed by Kristy Fong and James Thom at Abrdn, has generated 224%. Both trail the 239% of the MSCI India index.
Posted at 20/3/2024 11:16 by disc0dave46
That's one view I guess, but definitely don't agree with it. They are investing in IGC and maximising returns, nothing wrong with that.How many companys do you hold that are buying back their own shares?, and in most cases ignoring what the actual value and internal rate of return is.IGC obviously feel that they are going to get a much greater return by buying their own shares than investing elsewhere.
Posted at 19/3/2024 16:02 by buoycat
It's explained somewhere in an rns. Every two years the company will guarantee to buy back your shares at a set redemption price. Last time it was 3% below NAV. IGC shares have always tended to trade well below NAV, so as the redemption date approaches the gap closes. Unfortunately after the redemption and with all that trading activity, with weakness in the Indian market, and election uncertainty approaching the price has subsequently quickly sagged !
Posted at 19/3/2024 14:26 by elric3
This may be a silly question but what is redemption and how does it impact the share price. I am not a invested here but thinking about it.
Posted at 19/3/2024 13:19 by bigboyblue
The company seems to be managing the situation very well. By my reckoning they have sold 6m treasury shares back into the market since the end of Jan. I haven't worked out the exact price, but the average must be around 184p. Now they've started buying again in the 140s.

My own recent purchase at 162p isn't looking too clever right now, but I've always regarded this as an investment for the longer term and bought some more today. If they follow the same timetable as last time, we'll know the discount for the next redemption point in September, with the half year report.
Posted at 18/3/2024 10:40 by buoycat
I've owned these for many years. I initially bought at 100p but then bought some as low as 24p. They underperformed for many years and have traded substantially below NAV for most of that time, often 15 to 20%. The recent run up to 180+ was a surprise to me and the retrace was expected to be honest. I sold half my holding at 166 but might be tempted to buy some back. 11% below NAV feels about right historically, but the share buy back has been a clever way to support the share price.
Posted at 31/1/2024 12:37 by bigboyblue
Well, I was wrong about the discount widening after the redemption date; the share price has gone from strength to strength and is now at a premium to the NAV. I see they are now selling shares held in treasury to satisfy demand, whereas a few months ago they were buying their own shares. I can only put it down to market confidence in IGC's investments and in India generally.
Posted at 19/12/2023 09:21 by bigboyblue
IGC used to have a discount of around 20% or even more. That was before they introduced the policy of offering to redeem shares at a specified discount, on a biannual basis. That discount was 6% in 2021 and 3% this year. I'd expect the discount to widen slightly after this year's cut off date (29th Dec) but it will gradually narrow again toward the next redemption date.
Further, if you check out the NAV progress of JII and IGC over pretty much any period you choose you will soon see which has the better record.
Posted at 10/9/2023 15:42 by bigboyblue
It's worth checking out the two best known alternatives to IGC, JP Morgan India Investment trust and Abrdn New India. Neither has seen any increase in NAV or share price over the last 12 months. Ocean Dial seem to be doing a tremendous job here and the share price will be underpinned by the redemption facility at least for the next 3 months.
India Capital Growth share price data is direct from the London Stock Exchange

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