Hindalco, Reliance GDRs gain

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 1.75 per cent at 1001.51 in morning trades on Tuesday.

Among ISDI global depository receipts, four advanced and three lost ground. The major gainers were Hindalco, up 4.85 per cent at $27.26, registering a volume of 62,250 global depository receipts (GDRs), Reliance up 2.16 per cent at $26.05, registering a volume of 128,412 GDRs and Ranbaxy, up 1.04 per cent at $24.25, with a volume of 276,393 GDRs.

Losers were State Bank of India, down 4.66 per cent at $38.50, registering a volume of 16,942 GDRs, Larsen & Toubro, down 0.78 per cent at $25.30, registering a volume of 97,100 GDRs and ITC down 0.19 per cent to $26.25, registering a volume of 9,500 GDRs.

The ISDI, which represents the GDRs and American depositary receipts of 15 actively traded companies, firmed up by 1.29 per cent to 996.95 on the previous day.

The ISDI price-to-earnings multiple also shot up by 1.99 per cent to 17.92 from 17.57 previously.

Among ISDI ADRs, four advanced and four lost ground. Among the ISDI GDRs and ADRs, there were seven gainers, seven losers and one ruled steady.

The major gainers were ICICI Bank, up 8.39 per cent to $16.80 registering a volume of 278,800 ADRs, Wipro up 5.92 per cent to $45.60 registering a volume of 164,900 ADRs and HDFC Bank, up 3.52 per cent at 30.02, a volume of 113,900 ADRs.

Major losers were VSNL, down 6.90 per cent to $6.75 registering volume of 231,700 ADRs, Dr Reddy's, down 1.28 per cent at $19.35 registering volume of 212,600 ADRs and Satyam Computers, down 0.88 per cent at 19.25 registering volume of 301,900 ADRs.

GDRs of SBI and Hindalco also dropped to $38.50 and $25.20, respectively, from $40.38 and $26.

Meanwhile, US stocks are set to open slightly positive on Tuesday, as investors await comments from the Federal Reserve which is expected to signal when and how much the central bank will lift interest rates. The quantum of rise in the rates as well as the actual date from when it would be effective are being anxiously awaited by market watchers.

Equity index futures pointed to a firm open. Standard & Poor's 500 stock index futures for June were up 1.70 points, while Nasdaq 100 futures for June also rose 3.50 points. Dow industrials futures rose 16 points.

In the overseas markets, European shares were mixed, with worries about rising US interest rates overshadowing firm oil stocks, as crude futures rose to a 13-year high.

The FTSE Eurotop 300 index of pan-European blue chips rose 0.24 percent to 1,002 points, while the narrower D J Euro Stoxx 50 index shed 0.3 percent to 2,798.08 points.

On Monday, US stocks rose on positive news from leading technology companies and generally upbeat economic data. The Dow Jones industrial average rose 88.43 points to 10,314.00, while the Standard & Poor's 500 Index gained 10.19 points to 1,117.49. The technology-laced Nasdaq Composite Index rose 18.57 points, or 0.97 percent, at 1,938.72.