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Pin to quick picksIndia Cap Regulatory News (IGC)

Share Price Information for India Cap (IGC)

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Share Price: 159.50
Bid: 159.00
Ask: 161.00
Change: -2.00 (-1.24%)
Spread: 2.00 (1.258%)
Open: 164.00
High: 166.00
Low: 159.50
Prev. Close: 161.50
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Net Asset Value(s)

7 Feb 2019 15:29

RNS Number : 4207P
India Capital Growth Fund Limited
07 February 2019
 

 

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

Net Asset Value statement at 31 January 2019

Net Asset Value

The Company announces its Net Asset Value per share as at 31 January 2019 was 93.04 pence.

In January the Net Asset Value (NAV) was down 8.5% in Pound Sterling terms, whilst the BSE Mid Cap TR Index was down 10.4%, delivering an outperformance against the notional benchmark of 1.9%. In local currency terms, the NAV was down 3.6% for the month.

Portfolio update

Positive contribution to the portfolio's performance came from NIIT Technologies (up 14.0%), Kajaria Ceramics (up 9.1%) and Aurobindo Pharma (up 7.5%). Negative contribution came from Jyothy Laboratoies (down 13.9%), Motherson Sumi Systems (down 15.7%) and Dewan Housing Finance (down 45.5%).

Market and economic update

Looming elections and perceived corporate governance lapses were in focus as investors continued to favour large caps in January; the BSE-Sensex moved up 0.5% compared to a 5.7% fall for the BSE-Midcap Index. The Indian Rupee depreciated 1.9% against the US Dollar and 5.3% against the Pound Sterling, driven by a 13.8% rally in oil and net outflows from foreign institutional investors (US$75m). Domestic institutions were net buyers to the tune of US$304m for the month.

The Government announced its interim budget which focused on alleviating rural distress in an attempt to boost sentiment in the run-up to general elections in May 2019. Cash disbursements to 120 million small and marginal farmers (direct payments of INR6,000 per annum) and a tax break for lower earners (exempting earnings of up to INR500,000 per annum) were announced. The Finance Ministry restated its commitment to the Government's target of limiting the fiscal deficit to 3.4% in FY20.

Indian Companies began reporting results for Q3FY19 ending in December 2018. Sectors which outperformed were; IT (good revenue growth and a healthy deal pipeline), Pharmaceuticals (new launches), Consumer staples (demand growth and margin expansion). Private sector banks reported in line with expectations highlighting steady trends in loan growth with stable asset quality for retail banks. As expected, Non-Banking Finance Companies' funding issues impacted disbursement growth. Sectors which disappointed were Automotive (weak demand and lower margins), and Cement (lower realisation and profitability) despite strong volume growth.

 

 

 

Portfolio analysis by sector as at 31 January 2019

Sector

No. of Companies

% of Portfolio

Financials

8

21.9%

Materials

8

18.5%

Consumer Discretionary

5

12.2%

Information Technology

3

10.2%

Consumer Staples

4

9.9%

Industrials

4

9.2%

Health Care

3

8.0%

Real Estate

2

3.2%

Total Equity Investment

37

93.1%

Net Cash

6.9%

Total Portfolio

37

100.0%

Top 20 holdings as at 31 January 2019

Holding

Sector

% of Portfolio

Tech Mahindra

Information Technology

4.9%

City Union Bank

Financials

4.5%

Federal Bank

Financials

4.4%

NIIT Technologies

Information Technology

4.3%

Kajaria Ceramics

Industrials

4.2%

Jyothy Laboratories

Consumer Staples

3.9%

Divi's Laboratories

Health Care

3.8%

Aurobindo Pharma

Health Care

3.4%

PI Industries

Materials

3.3%

Ramkrishna Forgings

Materials

3.3%

Radico Khaitan

Consumer Staples

3.2%

IDFC Bank

Financials

3.2%

Berger Paints India

Materials

3.2%

Motherson Sumi Systems

Consumer Discretionary

3.2%

Welspun India

Consumer Discretionary

3.1%

Sobha Developers

Real Estate

3.0%

Indusind Bank

Financials

2.9%

Exide Industries

Consumer Discretionary

2.8%

Balkrishna Industries

Consumer Discretionary

2.4%

Yes Bank

Financials

2.2%

Portfolio analysis by market capitalisation size as 31 January 2019

Market capitalisation size

No. of Companies

% of Portfolio

Small Cap (M/Cap < US$2bn)

25

55.0%

Mid Cap (US$2bn < M/Cap < US$7bn)

10

30.3%

Large Cap (M/Cap > US$7bn)

2

7.8%

Total Equity Investment

37

93.1%

Net Cash

6.9%

Total Portfolio

37

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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