Ranbaxy GDR up 1.06%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 0.65 per cent to 830.07 on Friday in early morning trades.

Among ISDI global depository receipts (GDRs), two advanced, one remained unchanged and four lost ground. The gainers were Ranbaxy, up 1.06 per cent to $21.98 registering a volume of 178,631 GDRs, and Bajaj Auto, up 0.51 per cent to $19.70, registering a volume of 15,150 GDRs.

The major losers were Hindalco, down 5.50 per cent to $19.75, registering a volume of 650 GDRs, ITC down 3.47 per cent to $19.50 and volume at 300 GDRs and Reliance down 2.64 per cent to $20.30 and volume at 27,840 GDRs.

The ISDI, which tracks the ADRs and GDRs of 15 actively traded scrips, closed down 0.74 per cent to 834.10 on the previous day and was trading at a price to earning multiple of 15.22 (down by 0.59 per cent).

Among ISDI ADRs, three advanced, one remained unchanged and four lost ground. Among the ISDI GDRs and ADRs, there were eight losers, five gainers and two ruled steady.

The gainers were MTNL up 2.99 per cent to $6.88, ICICI Bank up 1.76 per cent to $12.70 and Infosys Technologies up 0.22 per cent to $86.50.

Major losers were Dr Reddy's Lab down 3.25 per cent to $18.18, HDFC Bank down 1.02 per cent to $29.15 and Wipro down 0.90 per cent to $43.90.

The GDRs of Ranbaxy Laboratories and Hindalco dropped to $ 21.43 and $20.43, respectively, as against $22.58 and $21.25, previously. The GDR of Bajaj Auto edged up to $19.65 from $19.60.

Meanwhile, Asian stocks dropped after economic reports in China and the US led to concerns that both the nations' central banks will slow down growth with higher interest rates.

Morgan Stanley Capital International's Asia-Pacific Index, which tracks more than 900 stocks in the region, slid 1.2 per cent to 88.36, its first drop in four days.

Stocks also declined after oil prices in New York yesterday had the biggest advance in more than two weeks.

Japan's Nikkei 225 Stock Average shed two per cent, its biggest slide in a month, to 11,382.08. South Korea's Kospi index lost 2.4 per cent to 741.73.

Hong Kong's Hang Seng Index dropped 1.9 per cent to 11,855.55 and the Hang Seng China Enterprises Index slumped for a fifth day.

All other benchmarks in the region fell, apart from those in Australia, New Zealand and Sri Lanka.