India Capital Growth Fund Limited Update research from QuotedData
16 March 2023 - 4:06AM
RNS Non-Regulatory
TIDMIGC
India Capital Growth Fund Limited
15 March 2023
India Capital Growth - Update research from QuotedData
15(th) March 2023
Don't Stop Believin'
India Capital Growth's (IGC's) adviser, Gaurav Narain, says that
at a time when many economies and equity markets are struggling,
there are many reasons to be optimistic about the outlook for the
Indian economy. Although down in sterling absolute terms during the
last 12 months, the Indian market made progress in local currency
terms and has performed well relative to its emerging market peers,
benefitting from a good run in the second half of 2022 from which
IGC also benefitted.
Despite the recent market setback so far this year, Gaurav
thinks there is more upside to come, noting that business
confidence is high (both the services and manufacturing purchasing
managers indexes (PMIs) were over 55 at the end of February and
have been around this level for some time - see page 6). Gaurav
notes that valuations remain elevated even after the recent
setback, but recent market volatility has thrown up opportunities
and IGC's own discount to net asset value (NAV) offers value,
particularly with a redemption opportunity where the exit discount
is set at a maximum 3% of NAV and the additional resource that the
manager's absorption into AssetCo Plc should bring.
Full Research:
https://quoteddata.com/research/india-capital-growth-stop-believin-qd/
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