SBI GDR lone gainer

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 0.38 per cent to 985.63 on Tuesday in early trades. Among ISDI global depository receipts (GDRs), one advanced, one remained unchanged and five lost ground.

The only gainer was State Bank of India (SBI), up 1.99 per cent to $26.62. The major losers were Reliance, down four per cent to $24.00 and a volume of 11,100 GDRs, Hindalco down 3.30 per cent to $29.00 and a volume of 3,350 GDRs and ITC down 1.56 per cent to $24.00 and a volume of 1,900 GDRs.

The ISDI representing the ADRs and GDRs of 15 actively traded scrips closed up 0.29 per cent to 992.25 on Monday and was trading at a price to earnings multiple of 17.99 (up by 0.35 per cent).

Among the ISDI ADRs, four advanced and four lost ground. The major gainers were Satyam Computer up 4.71 per cent to $25.34 and a volume of 260,800 ADRs, Wipro up 1.20 per cent to $21.00 and a volume of 345,200 ADRs and Infosys up 0.47 per cent to $56.05.

The major losers were VSNL down 1.07 per cent to $7.41 and a volume of 36,600 ADRs, ICICI Bank down 0.79 per cent to $13.90 and a volume of 184,400 ADRs and MTNL down 0.68 per cent to $7.26 and a volume of 39,200 ADRs.

Meanwhile, US stocks are expected to open weak following the impact of record oil prices on stock futures. Standard & Poor's 500 Index futures expiring in December dropped 7.50 to 1,118.50 in morning trades, while Nasdaq-100 Index futures fell 14 to 1428.50. Dow Jones Industrial Average futures lost 56 to 10,030.

Earnings growth for S&P 500 companies is also expected to slow down to 13.6 per cent in the third quarter following four consecutive periods of at least 20 per cent growth.