ITC, Hindalco GDRs slip

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 1.49 per cent to 1,052.50 on January 22 in early morning trades in the western markets. Among ISDI global depository receipts, all seven lost ground.

The losers were ITC, down 7.96 per cent to $26.00, Hindalco down 6.67 per cent to $28.00 registering a volume of 5,000 GDRs and Bajaj Auto down 5.03 per cent to $21.70, registering a volume of 7,000 GDRs.

The ISDI, which represents the ADRs and GDRs of 15 actively-traded scrips slipped 1.01 per cent to 1,069.83 on the previous day and was trading at a price to earnings multiple of 20.54 (down by 1.01 per cent).

Among the ISDI ADR stocks, four advanced and four lost ground and among the ISDI GDR and ADRs, there were five gainers and ten losers.

The gainers were HDFC Bank, up 2.26 per cent to $33.02, registering volumes of 105,000 ADRs, Satyam Computer up 1.50 per cent to $22.94, registering volumes of 991,000 ADRs and Infosys up 0.85 per cent to $89.25, registering volumes of 625,090 ADRs.

The major losers were VSNL down 1.93 per cent to $7.13 registering volumes of 154,800 ADRs, followed by MTNL down 1.53 per cent to $7.09 with volumes of 97,800 ADRs and Wipro down 1.02 per cent to $50.46 with volumes of 118,200 ADRs.

The GDR of Reliance quoted higher at $31.00 from $30.53, previously. However, the GDRs of ITC, Ranbaxy Labs and State Bank of India declined sharply to $26.00, $24.05 and $37.58, respectively, as against $28.25, $25.20 and $39.25, previously.

Meanwhile, elsewhere in the world European shares rose on Thursday as good results boosted technology and drug companies.

By mid afternoon, the FTSE Eurotop 300 index of pan-European blue chips was 0.2 per cent firmer at 995.2 points, having peaked at 999.17 points, its highest level since August 2002.

The narrower DJ Euro Stoxx 50 index rose 0.5 per cent to 2,889.3 points.

US stocks futures were pointing to slightly firmer start for the benchmark indexes as another raft of companies lined up for results.

In Europe, London's FTSE 100 fell 0.1 per cent while Paris's CAC-40 rose 0.6 per cent. In Zurich, the SMI gained 0.4 per cent and Frankfurt's DAX was up 0.3 per cent.