India Capital Growth Fund Limited Net Asset Value(s) (6967J)
December 06 2018 - 6:52AM
UK Regulatory
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%
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END
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