Indian powerhouse
”‹India Capital Growth’s (IGC’s) net asset value (NAV) is up 28.8% since QuotedData’s last note was published on 23 March 2016 (its price is up 20.1%) yet, in recent weeks, its discount has widened to 20.4%. The managers cannot see any obvious reason why the discount should be widening.Â
India shines as a bright spot in a world beset by economic problems: GDP growth is running at 7.9%. The managers of IGC believe, that whilst a series of sometimes painful, but very necessary adjustments is ongoing, India’s economy is now on a more stable footing and earnings growth, to date the missing ingredient in the bull case for Indian equities, is set to materialise. IGC, with its focus on small- and medium-sized stocks in India, is ideally placed to benefit. IGC is poised to expand its share capital by 50% as the August exercise date for its subscription shares approaches.
India Globalization Capital has two lines of business: infrastructure and plant and cannabinoid-based products and therapies. The company's infrastructure business, based in India and Hong Kong involves the rental of heavy construction equipment like bulldozers, excavators, rollers and pavers, among others; execution of construction contracts; and the purchase and resale of physical commodities used in infrastructure, like steel, marble and tiles. The company's second line of business stems from plant extracts, including cannabinoids produced by the cannabis plant. The company's product is Hyalolex?, a cannabinoid based alternative therapy for elderly patients suffering from dementia including Alzheimer's disease.
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