LONDON (Alliance News) - India Capital Growth Fund Ltd on Thursday reported a 20% drop in its net asset value per share as 2018 proved a difficult year for Indian equity markets, especially small and mid-cap.
For 2018, the investment firm posted net asset value per share of 101.65 pence, down from 127.05p a year ago.
This resulted in the company underperforming its benchmark, the BSE Midcap TR Index, which fell 15% over the year.
"After the decline in the Indian equity market in 2018, valuations have fallen to attractive levels. Recent data suggests that the economy is gaining momentum once again. However, it is likely that the market will continue to be unpredictable until the results of the Indian General Election are known," Chair Elisabeth Scott said.
India will hold its elections in May.
Looking ahead, the company said it is in a "good position" due to the renewed momentum the market is experiencing.
India Capital Growth Fund shares were trading up 0.5% at 87.82 pence each.
India Cap (IGC)