Hindalco GDR up

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 2.27 per cent to 963.43 on March 16 in early morning trades in the western markets. Among ISDI global depository receipts, one advanced and six lost ground. The only gainer was Hindalco, up 0.35 per cent to $28.50 registering volume of 4,917 GDRs.

The major losers were ITC, down 5.36 per cent to $26.50, Bajaj Auto down 4.41 per cent to $19.50 registering volume of 521 GDRs and Ranbaxy down 1.46 per cent to $21.25 registering volume of 42,503 GDRs.

The ISDI, representing the GDRs and ADRs of 15 actively-traded companies, declined sharply by 2.98 per cent to 964.80 on the previous day as against 994.42 on March 12, while the ISDI price to earnings multiple also nosedived by 3.02 per cent to 17.51 from 18.06, previously.

Among the ISDI American depository receipts, one advanced and seven lost ground and among the ISDI GDRs and ADRs, there were 14 losers and one gainer.

The only gainer was Dr Reddy's with marginal gains of 0.21 per cent to $24.15. The major losers were MTNL down 7.79 per cent to $7.10 registering volumes of 73,000 ADRs, VSNL down 4.60 per cent to $8.30 registering volumes of 72,900 ADRs and Satyam Computer up 3.85 per cent to $18.99 registering volumes of 659,900 ADRs.

The GDRs of Larsen & Toubro and ITC fell steeply to $24.35 and $26.50, respectively, from $25.85 and $28.00, previously.

Meanwhile, elsewhere in the world, markets could not contain their anxiety and concern about economic growth and global security ahead of an interest rate decision from the Federal Reserve.

The ZEW index fell to 57.6 in March from 69.9 in February sparking worries about economic growth in Europe.

Economy-sensitive technology shares were hit hard by persistent worries that the US economic growth may have passed its peak after the recent weak jobs and survey data.

In early morning trades, the FTSE Eurotop 300 index of pan-European blue chips was down 0.8 percent at while the narrower DJ Euro STOXX 450 index was up 0.19 per cent.

The Nikkei slipped 0.67 per cent and the broader Topix lost 0.35 per cent.

US stocks were also listless on Monday. The Dow Jones Industrial Average fell 1.34 per cent while the tech heavy Nasdaq lost 2.29 per cent, its biggest percentage fall in six weeks. US stock index futures opened even higher indicating a mildly positive start on the Wall Street.