GDR index doubles in 9 months

The Instanex Skindia DR Index (ISDI) has surged by 116.60 per cent since April 2003. The index ended at 1,004.13 on December 22 as against its 52 week-low of 463.60 on April 30 this year.

The major driving force in the ISDI has been the economy stocks. The DRs of as many as six economy stocks "" Bajaj Auto, Hindalco, ICICI Bank, Larsen & Toubro, Reliance and State Bank of India "" have doubled in this period. Satyam Computer has been the largest gainer in the DR market, appreciating 249.35 per cent between April 30 and December 22.

The Wipro DR gained 115.40 per cent and Infosys Technology appreciated 109.05 per cent, keeping the technology flag flying high.

Two DRs of pharmaceutical companies, Dr Reddy's Laboratories and Ranbaxy Laboratories, were major laggards with Ranbaxy appreciating 71.49 per cent and Dr Reddy's 62.91 per cent.

HDFC Bank, ITC, MTNL and VSNL failed to gather momentum. There was a significant change in the relative weightages of ISDI, with ICICI Bank topping the weightage charts at 17.62 per cent, up from 11.74 per cent in April 2003.

Infosys Technologies has doubled its weightage from 6.47 per cent to 13.46 per cent while Satyam Computer consolidated its weightage from 4.84 per cent to 6.90 per cent.