12th Sep 2013 13:42
LONDON (Alliance News) - India Capital Growth Fund Ltd Thursday said its first-half net asset value per share rose on last year's figure, though challenging Indian capital markets caused a decline over the last six months.
The fund said its first-half net asset value per share was up to 46.07 pence at the end of the six months to June 30, compared with 44.17 pence for the corresponding period the year prior.
However, that is still a 10% decline on the net asset value per share recorded on December 31, 2012, when net asset value per share was 51.19 pence.
The company said the second-half environment will be "very uncertain", following a sharp sell-off of Indian equities prompted speculation that the US Federal Reserve will start reducing its economic stimulus programmes.
Furthermore, the company said that the 2014 elections in India could prevent the government from pursuing policy initiatives to improve the market conditions, while the Rupee's weakness is also thought to be troubling for the economy.
India Capital Growth shares were Thursday quoted at 30.06 pence, down 0.19 pence, or 0.6%.
By Samuel Agini; [email protected]; @samuelagini
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