L&T GDR UP 3.69%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 0.64 per cent to 873.12 in early morning trades in the western markets on Wednesday. Among the ISDI Global Depository Receipts five advanced, one remained unchanged and one lost ground.

The major gainers were L&T up 3.69 per cent to $18.25 registering volumes of 17,000 GDRs, Hindalco up 1.81 per cent to $25.25 and SBI, up 1.40 per cent to $21.70 registering volumes of 23,000 GDRs. The only loser was Reliance, down 1.17 per cent to $21.05 with volumes of 50,000 GDRs.

The ISDI was up 0.85 per cent to 870.83 on the previous day and was trading at a price to earnings multiple of 15.96, up by 0.81 per cent.

Among the ISDI ADRs, five advanced and three lost ground. The major gainers were Infosys, up 2.98 per cent to $52.13, Dr Reddy's, up 1.02 per cent to $15.80 with volumes of 94,600 ADRs, and Wipro, up 0.94 per cent to $17.24 with volumes of 85,200 ADRs.

The losers were ICICI Bank, down 1.37 per cent to $12.20 registering volumes of 221600 ADRs, MTNL, down 0.61 per cent to $6.56 registering volumes of 35,900 ADRs, and HDFC Bank, down 0.32 per cent to $28.11.

Meanwhile the Dow Jones Industrial Average futures declined amid concern over slowing economic growth. Dow average futures expiring in September shed eight points to 10,165 in the morning, S&P 500 Index futures were unchanged at 1104.10, while Nasdaq-100 Index futures lost two points to 1368. Activity on the New York Stock Exchange has been below its three-month average the last 13 trading days.

In Asia, stocks advanced on expectations of a good growth in corporate earnings.

The Morgan Stanley Capital International Asia-Pacific Index advanced 0.8 per cent to 89.86, snapping a two-day, 0.5 per cent decline.