Hindalco GDR edges up

ADR/GDR Report

The Instanex Skindia DR Index (ISDI) was down 0.88 per cent to 848.38 on August 23, 2004, in early morning trades in the western markets. Among ISDI global depository receipts (GDRs), one advanced, one remained unchanged and five lost ground. The only gainer was Hindalco, up 0.62 per cent to $24.30, registering volume of 140 GDRs.

The major losers were ITC, down 4.16 per cent to $20.94, SBI, down 3.54 per cent to $20.45, registering volume of 4,400 GDRs and L&T, down 2.90 per cent to $16.75.

The ISDI, representing the GDRs and ADRs of 15 actively-traded companies, eased by 0.96 per cent to 851.34 on the previous day. The ISDI price to earnings multiple also edged down by 0.96 per cent to 15.59 from 15.75.

Among the ISDI GDRs and ADRs, there were eleven losers and four gainers. Among ISDI ADRs, three advanced and five lost ground.

The gainers were Satyam Computer, up 1.65 per cent to $20.29 with volumes of 84,000 ADRs, Wipro, up 0.41 per cent to $17.00 with volumes of 83,600 ADRs.

And MTNL, up 0.15 per cent to $6.66 with volumes of 48,100 ADRs. The major losers were Dr Reddy's Labs, down 3.13 per cent to $15.46 registering volume of 285,700 ADRs, VSNL, down 0.93 per cent to $7.43, registering volume of 26,200 ADRs and HDFC Bank, down 0.65 per cent to $27.69 registering volume of 15,800 ADRs.

The GDRs of ITC and L&T dropped to $20.94 and $16.75, respectively, from $21.98 and $17.30, previously. The GDR of Hindalco also edged up to $ 24.52 from $24.43, previously.