ITC GDRs zoom 26.33 %

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 0.80 per cent to 1,143.91 in early morning trades on January 09, 2004 in the western markets. Among ISDI global depository receipts, six advanced and one lost ground.

The major gainers were ITC (up 26.33 per cent to $31.50 with volumes of 7,531 GDRs), followed by L&T (up 10.88 per cent to $26.50 with volumes of 6,100 GDRs) and State Bank of India (up 5.67 per cent to $41 with volumes of 1,01,039 GDRs). Reliance was the only loser (down 2 per cent to $31.85 registering volumes of 197,653 GDRs).

The ISDI, which represents the ADRs and GDRs of 15 actively traded companies, closed up 0.80 per cent on the previous day to 1,143.91. It traded at a price to earnings multiple of 22.16 (up by 0.74 per cent).

Among the ISDI American Depository Receipts, five advanced and three lost ground. The major gainers were MTNL (up 5.99 per cent to $7.43 registering volumes of 398,100 ADRs), Satyam Computers (up 3.55 per cent to $30.07 with volumes of 850,100 ADRs) and VSNL (up 2.13 per cent to $8.17 with volumes of 141,200 ADRs).

The losers were HDFC Bank (down 2.61 per cent to $33.54 registering volumes of 70,400 ADRs), Infosys (down 1.40 per cent to $98.58 with volumes of 421,093 ADRs) and ICICI Bank (up 0.35 per cent to $16.90 with volumes of 694,100 ADRs).

The Rediff.com ADR went up by 29 cents to $7.52; while the Wipro ADR was up 74 cents to $54.80 and Dr Reddy's Labs ADR was up 19 cents to $30.83.

Meanwhile, the western markets saw a lot of optimism with the earnings season heralding a boom in the equity markets. The Nasdaq composite went up 22.57 points or 1.1 per cent to 2100.25, a two and a half year high.

The Dow Jones industrial average rose 63.41 points or 0.6 per cent to 10592.44, the highest it has gone to since March 2002. The Standard & Poor's 500 also went up 5.59 points to 1131.92, a level not seen since April 2002.