Bajaj Auto GDRs up

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 0.33 per cent to 1,127.69 in early morning trades on Tuesday in the western markets. All the seven ISDI global depository receipts advanced.

The gainers included ITC (up 5 per cent to $27.30 registering volumes of 12,645 GDRs), Bajaj Auto (up 3.83 per cent to $24.40 with volumes of 12,810 GDRs) and Hindalco (up 3.28 per cent to $31.50 with volumes of 20,000 GDRs).

The ISDI, which represents the ADRs and GDRs of 15 actively traded companies, closed down 0.73 per cent to 1119.86 on the previous day and was trading at a price to earnings multiple of 21.63 (down by 0.78 per cent).

Among the ISDI ADRs, three advanced and five lost ground. Among the ISDI GDRs and ADRs, there were ten losers and five gainers.

The major gainers included Dr Reddy's Lab (up 2.17 per cent to $31.10 registering volumes of 113,100 ADRs) and VSNL (up 0.76 per cent to $8.00 with volumes of 146,900 ADRs) and MTNL (up 0.52 per cent to $7.70 with volumes of 182,400 ADRs).

The major losers were Infosys (down 3.14 per cent to $95.79 registering volumes of 4,33,766 ADRs), followed by Satyam Computers (down 2.64 per cent to $25.05 with volumes of 15,34,700 ADRs) and HDFC Bank (down 1.33 per cent to $31.97 with volumes of 1,71,600 ADRs).

The GDRs of ITC dropped to $27 from $28 previously. The GDRs of Reliance and Hindalco looked up to $31.95 and $31.25, respectively from $31.50 and $31 previously.

Asian stock markets were flat to up. In Tokyo, the stock market was trading flat. The Nikkei average was up 0.10 per cent at 10860.56, with traders going long on futures.

Some uptrend in Nasdaq futures have raised hopes of a buoyant market when the market there opens for trading. The Topix was also in the positive territory.