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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 | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.00 | -1.19% | 166.00 | 166.00 | 169.50 | 169.00 | 166.00 | 169.00 | 3,929 | 09:17:55 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | 4.55M | 3.77M | 0.0432 | 38.43 | 145.12M |
TIDMIGC
RNS Number : 7243T
India Capital Growth Fund Limited
05 July 2018
5 July 2018
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 30 June 2018
Net Asset Value
The Company announces its Net Asset Value per share as at 30 June 2018 was 108.09 pence.
In June the Net Asset Value (NAV) was down 6.9% in Sterling terms, whilst the BSE Mid Cap TR Index was down 3.6%, delivering an under performance against the notional benchmark of 3.3%. In local currency terms, the NAV was down 6.7% for the month.
Portfolio update
Positive attribution to the portfolio's performance came from Jyothy Labs (up 10.9%), Dewan Housing (up 4.0%) and Emami (up 1.2%). Negative attribution came from Ramkrishna Forgings (down 14.0%), Jain Irrigation (down 25.8%) and Finolex Cables (down 15.1%).
Market and economic update
India's Large cap stocks continue to outperform the Mid and Small cap space in India as the BSE Sensex held its previous month's gain, rising 0.3% whilst the BSE Mid Cap Index sustained its correction, falling 3.5%. Investors continue to switch into larger cap, more liquid stocks, as a form of protection against weak sentiment for equities, both onshore and across Emerging Markets more generally. Foreign Institutions were net sellers (US$377m for the month), but the market enjoyed ongoing support from Domestic Institutions who were net buyers (US$2bn for the month). India's rupee depreciated 1.6% against the US Dollar and 0.2% against the British Pound.
In a move that surprised markets (positively), the Reserve Bank of India raised the repo rate by 25bps to 6.25%, citing inflation pressure, which was 4.9% in May, up from 4.6% in April, as stronger oil prices fed into the domestic economy. The monetary policy committee upped its own inflation forecasts to 4.8%-4.9% for the full year. Markets took the news positively, believing the Central Bank was aiming to be "ahead of the curve" given US interest rates are set to rise further this year.
Manufacturing continues to strengthen, with the latest PMI manufacturing data for June rising to 53.1, the eleventh successive month of expansion and the strongest pace since December 2017. The auto sector contributed positively, including personal vehicles, 2 wheelers and commercial vehicles, all showing strong double digit growth in June, the latter segment recording 44% growth year over year. Demand is being driven by government expenditure in infrastructure, road building, and affordable housing in particular, which is driving the demand for commercial vehicles, supported by increased economic activity in rural India.
Portfolio analysis by sector as at 30 June 2018 Sector No. of Companies % of Portfolio Financials 8 24.3% Materials 8 18.9% Consumer Discretionary 8 17.6% Consumer Staples 4 10.1% Industrials 4 8.5% IT 2 7.9% Healthcare 2 3.2% Real Estate 2 2.7% Total Equity Investment 38 93.2% Net Cash 6.8% Total Portfolio 38 100.0% Top 20 holdings as at 30 June 2018 Holding Sector % of Portfolio Dewan Housing Finance Financials 5.3% Jyothy Laboratories Consumer Staples 4.5% Ramkrishna Forgings Materials 4.1% NIIT Technologies IT 4.0% Tech Mahindra IT 3.9% Motherson Sumi Systems Consumer Discretionary 3.9% Federal Bank Financials 3.7% City Union Bank Financials 3.5% Indusind Bank Financials 3.4% Radico Khaitan Consumer Staples 2.9% Balkrishna Industries Consumer Discretionary 2.9% Exide Industries Consumer Discretionary 2.9% Kajaria Ceramics Industrials 2.6% Finolex Cables Industrials 2.6% Berger Paints India Materials 2.5% Welspun India Consumer Discretionary 2.5% Sobha Developers Real Estate 2.5% Sagar Cements Materials 2.4% Indian Bank Financials 2.4% Capital First Financials 2.4% Portfolio analysis by market capitalisation size as 30 June 2018 Market capitalisation size No. of Companies % of Portfolio Small Cap (M/Cap < US$2bn) 25 54.0% Mid Cap (US$2bn < M/Cap < US$7bn) 9 25.9% Large Cap (M/Cap > US$7bn) 4 13.3% Total Equity Investment 38 93.2% Net Cash 6.8% Total Portfolio 38 100.0%
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
July 05, 2018 05:19 ET (09:19 GMT)
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