ITC GDR up 1.80%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 0.37 per cent to 1,097.34 on Thursday in early trades.

Among ISDI global depository receipts (GDRs), four advanced and three remained unchanged. The major gainers were ITC up 1.80 per cent to $25.40, State Bank of India up 1.30 per cent to $31.10 and Reliance up 0.57 per cent to $26.60.

The ISDI, representing the GDRs and ADRs of 15 actively traded companies, recovered marginally by 0.50 per cent to 1,096.27 on November 10 from the previous level of 1,090.80.

The ISDI price-to-earning multiple ratio also inched up by 0.52 per cent to 19.58 from 19.48 previously.

Among the ISDI GDRs and ADRs, there were nine gainers, four losers and two ruled steady and among ISDI ADRs, four advanced and four lost ground. The major gainer were ICICI Bank up 2.42 per cent to $16.90, MTNL up 2.04 per cent to $8.00 and VSNL up 1.13 per cent to $8.05.

The major losers were Infosys down 2.04 per cent to $63.90, HDFC Bank down 0.86 per cent to $39.21 and Wipro down 0.55 per cent to $21.88. The GDR of State Bank of India was also quoted higher at $31.10 as against $30.50.

Elsewhere in the world, Japanese stocks fell after a government report showed machinery orders unexpectedly declined in September, signaling corporate investment may weaken.

The Nikkei 225 Stock Average shed 1.4 per cent to 10,846.92 at close in Tokyo. The Topix index lost 0.9 per cent to 1,091.13. Both the benchmarks had the biggest declines since last month this year.

Morgan Stanley Capital International's Asia-Pacific Index, which tracks more than 900 companies, fell 0.5 per cent to 92.75.

Taiwan's Taiex index lost 1.2 per cent, led by chipmakers. South Korea's Kospi index rose after the central bank unexpectedly cut its benchmark interest rate to a record low. US stock futures rose on Thursday, pointing to a higher market open, as oil prices fell and Wall Street seemed encouraged that the Federal Reserve would not accelerate its pace of interest rate hikes.

S&P 500 futures were up 3.8 points, above fair value accounting for interest rates, dividends and time to expiration on the contract.

Dow Jones Industrial Index Futures rose 38 points, while Nasdaq 100 futures gained 8.5 points.