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IGC India Capital Growth Fund Limited

165.00
3.50 (2.17%)
Last Updated: 10:46:52
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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  3.50 2.17% 165.00 164.00 165.00 166.00 163.50 164.00 163,484 10:46:52
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 4.55M 3.77M 0.0432 38.19 144.25M

India Capital Growth Fund Limited Net Asset Value(s) (6967J)

06/12/2018 11:52am

UK Regulatory


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TIDMIGC

RNS Number : 6967J

India Capital Growth Fund Limited

06 December 2018

6 December 2018

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

Net Asset Value statement at 30 November 2018

Net Asset Value

The Company announces its Net Asset Value (NAV) per share as at 30 November 2018 was 97.73 pence.

In November the NAV was up 5.6% whilst the BSE Mid Cap TR Index was up 8.8%, delivering an under performance against the notional benchmark of 3.2%. In local currency terms, the NAV was flat for the month.

Portfolio update

Positive contribution to the portfolio's performance came from Indusind Bank (up 14.5%), Berger Paints (up 14.3%) and Kajaria Ceramics (up 11.5%). Negative contribution came from NIIT Tech (down 11.2%), Balkrishna Industries (down 12.3%) and Jammu & Kashmir Bank (down 12.8%).

Market and economic update

Indian equity markets improved in November with the BSE Sensex up 5.1% and the BSE Mid Cap TR Index up 3.0% on the back of falling crude oil prices which corrected 21% in the month. As a consequence, the Indian Rupee (INR) appreciated 5.9% against the US Dollar and 5.3% against the GB Pound and Foreign Institutions turned net buyers (US$868m). Additionally Domestic Institutions continued to be net buyers for the month (US$127m).

GDP growth in Q2FY19 moderated to 7.1% from 8.2% in Q1, missing expectations due to a slowdown in Agriculture (3.8% from 5.3% in Q1) and in Industry (6.8% from 10.3% in Q1) led by a decline in Manufacturing and Mining, although Services contributed positively (7.5% from 7.3% in Q1). On the demand side, private consumption slowed although there was a pickup in Government expenditure and in gross fixed capital formation. The lower-than-expected growth in Q2 has slightly tempered the full year view of GDP but with crude oil prices falling, INR rising and liquidity constraints improving, the outlook has improved for the last four months of the fiscal year. Consequently the Reserve Bank of India (RBI) has retained its GDP estimate for the current year at 7.4%.

The RBI also kept interest rates unchanged at 6.5% retaining its 'calibrated tightening' policy stance. However inflation continues to undershoot expectations. Consumer price inflation (CPI) fell further to 3.3% in October forcing the RBI to further lower its inflation projection for the second month in a row to 2.7%-3.2% for H2FY2019. To help improve liquidity the RBI announced it is cutting its SLR rate (statutory liquidity reserve) by 25 bps every calendar quarter commencing January 2019, from 19.5% currently until the ratio reaches 18.0%.

 
 Portfolio analysis by sector as at 30 November 2018 
 
 Sector                               No. of Companies         % of Portfolio 
 Financials                           8                                 20.6% 
 Materials                            8                                 19.1% 
 Consumer Discretionary               5                                 13.3% 
 Consumer Staples                     4                                 10.3% 
 Information Technology               3                                  9.4% 
 Industrials                          4                                  8.7% 
 Health Care                          3                                  7.8% 
 Real Estate                          2                                  3.0% 
 Communication Services               1                                  0.3% 
 Total Equity Investment              38                                92.5% 
 Net Cash                                                                7.5% 
 Total Portfolio                      38                               100.0% 
 
 Top 20 holdings as at 30 November 2018 
 
 Holding                              Sector                   % of Portfolio 
 Tech Mahindra                        Information Technology             4.7% 
 Federal Bank                         Financials                         4.4% 
 City Union Bank                      Financials                         4.1% 
 Jyothy Laboratories                  Consumer Staples                   4.0% 
 Ramkrishna Forgings                  Materials                          3.7% 
 Divi's Laboratories                  Health Care                        3.6% 
 NIIT Technologies                    Information Technology             3.6% 
 Motherson Sumi Systems               Consumer Discretionary             3.5% 
 Aurobindo Pharma                     Health Care                        3.5% 
 Kajaria Ceramics                     Industrials                        3.4% 
 Radico Khaitan                       Consumer Staples                   3.3% 
 Exide Industries                     Consumer Discretionary             3.3% 
 Berger Paints India                  Materials                          3.2% 
 PI Industries                        Materials                          3.2% 
 Indusind Bank                        Financials                         3.2% 
 Welspun India                        Consumer Discretionary             3.1% 
 Sobha Developers                     Real Estate                        2.8% 
 Capital First                        Financials                         2.7% 
 Balkrishna Industries                Consumer Discretionary             2.6% 
 Finolex Cables                       Industrials                        2.3% 
 
 Portfolio analysis by market capitalisation size as 30 November 
  2018 
 
 Market capitalisation size           No. of Companies         % of Portfolio 
 Small Cap (M/Cap < US$2bn)           26                                55.1% 
 Mid Cap (US$2bn < M/Cap < US$7bn)    9                                 26.0% 
 Large Cap (M/Cap > US$7bn)           3                                 11.4% 
 Total Equity Investment              38                                92.5% 
 Net Cash                                                                7.5% 
 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.

END

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(END) Dow Jones Newswires

December 06, 2018 06:52 ET (11:52 GMT)

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