Bajaj Auto GDRs slip

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 0.46 per cent to 1,020.85 on February 27 in early morning trades in the western markets.

Among ISDI global depository receipts, four gained, two remained unchanged and one lost ground.

The gainers were Reliance which was up 3.95 per cent to $29.65, registering volume of 25,011 GDRs, Hindalco was up 1.37 per cent to $29.60 and L&T was ruling up 0.50 per cent to $24.62. The only loser was Bajaj Auto which was down 3.40 per cent to $21.01.

On the previous day, the ISDI - which represents the ADRs and GDRs of 15 actively-traded scrips - closed down 0.19 per cent to 1,016.54 and was trading at a price to earnings multiple of 18.45 (down by 0.19 per cent).

Among the ISDI ADRs, five advanced and three lost ground and among the ISDI GDRs and ADRs, there were eight gainers, six losers and one ruled steady.

The major gainers were VSNL, closing up 3.76 per cent to $8.27, registering volumes of 291,700 ADRs, Wipro ending up 1.86 per cent to $41.05, registering volumes of 175,600 ADRs and MTNL up 1.66 per cent to $7.36, registering volumes of 141,500 ADRs.

The major losers were ICICI Bank down 2.05 per cent to $14.80, registering volumes of 238,200 ADRs, Satyam Computer down 0.39 per cent to $20.45 registering volumes of 213,100 ADRs and Infosys down 0.32 per cent to $83.72, registering volumes of 216,268 ADRs.

The GDR of Reliance firmed up to $29.1383 from $28.61, previously. However, the GDRs of Bajaj Auto and State Bank of India dropped to $21.01 and $37.35, respectively, as against $21.94 and $38.50, previously.

Meanwhile, elsewhere in the world stocks are set to head higher at Friday's opening bell as a rally in international markets encourages investors after weeks of decline on Wall Street.

European stocks climbed toward 19-month peaks. The broader Japan TOPIX index ended at a four-month high after data signalling that domestic demand, very sluggish in the past few years, may be starting to pick up.

The overseas optimism helped lift equity futures. Futures for the Standard & Poor's 500 rose 3.70 points to 1,146.90, futures for the Nasdaq 100 climbed 5.50 points to 1,481 and futures for the Dow Jones Industrials jumped 25 points to 10,598.

Technology shares rose slightly on Thursday while blue chips held close to unchanged as mixed economic reports kept a lid on investor enthusiasm.

The Dow Jones Industrial average closed down 21.48 points, or 0.20 per cent, at 10,580.14. The Standard & Poor's 500 Index ended up 1.24 points, or 0.11 per cent, at 1,144.91. The technology-focused Nasdaq Composite Index was up 9.59 points, or 0.47 per cent, at 2,032.57.