India Capital Growth Fund Limited Net Asset Value Daily Estimate (8982V)
08 November 2017 - 8:14PM
UK Regulatory
TIDMIGC
RNS Number : 8982V
India Capital Growth Fund Limited
08 November 2017
8 November 2017
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 31 October 2017
Net Asset Value
The Company announces its Net Asset Value per share as at 31
October 2017 was 121.46 pence.
The Net Asset Value (NAV) was up 10.7% in Sterling terms, whilst
the BSE Mid Cap TR Index was up 10.1%, delivering an out
performance against the notional benchmark of 0.6%. In local
currency terms, the NAV was up 8.0% for the month.
Portfolio update
Positive attribution to the portfolio's performance came from
Dewan Housing Finance (up 16.9%), Ramkrishna Forgings (up 27.0%),
Sobha Developers (up 30.9%) and NIIT Technologies (up 24.8%).
Negative attribution came from Yes Bank (down 10.2%), Manpasand
Beverages (down 6.2%) and Kajaria Ceramics (down 4.0%).
Market and economic update
India's equity markets rebounded strongly in October on the back
of the Government's plan to recapitalise India's state owned banks.
The BSE Sensex was up 6.2%, whilst the BSE Mid Cap TR Index was up
7.5% supported by Foreign Institutions, who were net buyers
(US$296m) and Domestic Institutions who were also significant net
buyers (US$1.5bn) for the month. On the currency front, INR
appreciated 0.9% against USD and 2.4% against GBP in October.
The key announcement this month was the Government's US$33bn
recapitalisation plan for India's state owned banks. The intention
is to provide additional capital for the banks to further provision
for bad loans, thereby boosting the credit cycle resolution
process, and kick starting credit growth which has remained
sluggish, largely due to the banks' weak capital position. Of the
total commitment, US$21bn will come from the sale of
recapitalisation bonds by the Government, the remaining US$12bn
will be sourced via budgetary allocation and fundraising from
equity markets. The Government also announced the "Mega Road
Project", "Bharatmala", involving construction of more than
83,000km of roads, investing US$107bn over the next five years.
This provides a medium term road map for the highway sector and is
expected to create employment.
Elsewhere, India jumped into the Top 100 of the World Bank's
'Ease of Doing Business' rankings for the first time. The 2018
Report saw it move up about 30 places, driven by reforms in access
to credit, power supplies and protection of minority investors.
Indian companies have begun reporting Q2 earnings which so far
have been mainly in line with expectations. The telecom and cement
sectors have outperformed expectations while the consumer staples,
consumer discretionary, healthcare, IT and financials sectors have
all reported in line, although asset quality remains weak.
Portfolio analysis by sector as at 31 October
2017
Sector No. of Companies % of Portfolio
Financials 8 26.6%
Materials 9 21.2%
Consumer Discretionary 8 16.9%
Industrials 4 9.4%
Consumer Staples 4 9.3%
IT 2 6.2%
Real Estate 2 3.0%
Healthcare 2 3.2%
Total Equity Investment 39 95.9%
Net Cash 4.1%
Total Portfolio 39 100.0%
Top 20 holdings as at 31 October 2017
Holding Sector % of Portfolio
Dewan Housing Finance Financials 6.9%
Federal Bank Financials 5.2%
Motherson Sumi Systems Consumer Discretionary 4.6%
Ramkrishna Forgings Materials 4.6%
NIIT Technologies IT 3.5%
Jyothy Laboratories Consumer Staples 3.5%
Yes Bank Financials 3.4%
Kajaria Ceramics Industrials 3.2%
Finolex Cables Industrials 2.9%
City Union Bank Financials 2.9%
Sobha Developers Real Estate 2.8%
Skipper Materials 2.7%
Tech Mahindra IT 2.7%
Indusind Bank Financials 2.6%
The Ramco Cements Materials 2.5%
Sagar Cements Materials 2.4%
PI Industries Materials 2.4%
Manpasand Beverages Consumer Staples 2.3%
Berger Paints India Materials 2.2%
Balkrishna Industries Consumer Discretionary 2.2%
Portfolio analysis by market capitalisation
size as 31 October 2017
Market capitalisation No. of Companies % of Portfolio
size
Small Cap (M/Cap < US$2bn) 26 55.4%
Mid Cap (US$2bn < M/Cap
< US$7bn) 9 27.2%
Large Cap (M/Cap > US$7bn) 4 13.3%
Total Equity Investment 39 95.9%
Net Cash 4.1%
Total Portfolio 39 100.0%
This information is provided by RNS
The company news service from the London Stock Exchange
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