22nd Mar 2018 17:52
LONDON (Alliance News) - India Capital Growth Fund Ltd said on Thursday it saw significant growth in its net asset value for 2017, following its move to the London Main Market from AIM in January.
The fund said its net asset value per share rose by 43% to 127.05 pence at the end of 2017 from 89.31p for the same date the year before, benefiting from GBP43.0 million of net investment gains.
Overall, net asset value rose to GBP142.9 million from GBP100.5 million.
India Capital said the gains came from significantly positive performance from holdings in its portfolio, namely Ramkrishna Forgings, Sobha Developers, Dewan Housing and Balrkrishna Industries, which all more than doubled in value.
Economically, India Capital noted that GDP and corporate earnings in India have begun to recover following a period of lacklustre growth.
"2017 has been another year of excellent returns for equity investors in India, and I am happy to say that this was also the case for your company. Looking ahead to 2018, eight States go to the electoral polls and the outcome of each are expected to influence market sentiment, particularly as India's General Election approaches. We can expect increased political uncertainty as a consequence, nevertheless the portfolio is well placed to weather this," said Chairman Elisabeth Scott.
Shares in India Capital Growth Fund closed down 0.4% at 90.00 pence on Thursday.
Related Shares:
India Cap
