Bajaj Auto, L&T GDRs up

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 0.49 per cent at 1,006.41 on Wednesday in morning trades.

Among ISDI global depository receipts (GDRs), four advanced and three lost ground. The major gainers were Bajaj Auto up 2.99 per cent at $21.89 and a volume of 5,200 GDRs, Larsen & Toubro up 2.37 per cent to $25.90 and a volume of 42,740 GDRs and Ranbaxy up 1.03 per cent to $24.50 and a volume of 4,370 GDRs.

Losers were Hindalco down 9.21 per cent to $24.75 registering a volume of 121,127 GDRs, ITC down 2.48 per cent to $25.60 and Reliance Industries down 0.77 per cent to $25.85, registering a volume of 10,784 GDRs.

The ISDI, which represents the GDRs and American depositary receipts of 15 actively traded companies, edged up by 0.78 per cent to 1,004.73 on the previous day. The ISDI price-to-earnings multiple also inched up by 0.78 per cent to 18.06 from 17.92.

Among the ISDI ADRs and GDRs, there were 10 gainers and five losers and among ISDI ADRs, seven advanced and one lost ground. The major gainers were Satyam Computer up 10.34 per cent at $21.24, Wipro up 4.39 per cent to $47.60 and HDFC Bank up 3.60 per cent to 31.10.

The only loser was ICICI Bank, down 2.44 per cent to $16.39. However, the GDRs of ITC and L&T dropped to $25.60 and $24.83, respectively, from $26.30 and $25.10, previously.

Meanwhile, US stocks are poised for a flat opening on Wednesday as investors digested the Federal Reserve's decision to gradually raise interest rates and worries about higher oil prices tempered investor sentiment.

Equity index futures pointed to a flat open. Standard & Poor's 500 stock index futures for June ticked up 2.50 points, while Nasdaq 100 futures for the same month rose 5.00 points. Dow industrials futures gained 13 points.