India Capital Growth Fund Ltd
Price information
Instrument information
Last 5 trades
| Date | Time | Price | Currency | Volume | Trade Value | Trade type | Trade flag | MIC |
|---|---|---|---|---|---|---|---|---|
| 01.06.20 | 16:35:03 | 50.00 | GBX | 5,000 | 2,500.00 | UT | - | XLON |
| 01.06.20 | 16:18:17 | 50.45 | GBX | 5,000 | 2,522.50 | Off-Book | - | XLON |
| 01.06.20 | 16:16:06 | 50.48 | GBX | 365 | 184.23 | Off-Book | - | XLON |
| 01.06.20 | 15:51:59 | 50.38 | GBX | 2,000 | 1,007.52 | Off-Book | - | XLON |
| 01.06.20 | 15:39:23 | 49.92 | GBX | 3,786 | 1,889.97 | Off-Book | - | XLON |
Equity Research
from India Capital Growth Fund Ltd
Needs more time
India Capital Growth’s (IGC’s) board is asking investors to back a continuation vote scheduled for 12 June 2020 and it is important that shareholders make their vote count. COVID-19 has depressed valuations to levels not seen since the financial crisis. The managers see substantial upside when market confidence returns and are asking for more time to deliver that. The board believes shareholders should support continuation. This reflects their confidence in the measures taken to t
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Needs more time
India Capital Growth’s (IGC’s) board is asking investors to back a continuation vote scheduled for 12 June 2020 and it is important that shareholders make their vote count. COVID-19 has depressed valuations to levels not seen since the financial crisis. The managers see substantial upside when market confidence returns and are asking for more time to deliver that. The board believes shareholders should support the continuation of the company. This reflects their confidence in the measures taken to turn performance around, which we discuss in this note. When small and midcap valuations return to trading at long-term average valuations, IGC’s share price could improve meaningfully.
View reportThird Quarter of 2019
There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies.
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Discounted value
India Capital Growth (IGC)’s portfolio was trading at just 12x estimated earnings for the year ended 31 March 2021 at the end of August. The manager says that when it last hit that level, in August 2013, IGC delivered a 197% return in sterling over the following three years. Indian stocks have begun to rebound since the end of August but there could be much more to go for and there is scope for IGC’s discount to narrow further.
View reportDiscounted value
India Capital Growth (IGC)’s portfolio was trading at just 12x FY21 earnings at the end of August. The manager says that when it last hit that level, in August 2013, IGC delivered a 197% return in sterling over the following three years. Stocks have begun to rebound but there could be much more to go for and there is scope for IGC’s discount to narrow further.
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