Hindalco GDR up 3.17%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 0.17 per cent to 836.44 on July 16 in early morning trades in the western markets. Among ISDI global depository receipts (GDRs) three advanced, two remained unchanged and two lost ground.

The gainers were Hindalco, up 3.17 per cent to $23.45, registering volumes of 20,000 GDRs, Bajaj Auto, up 1.64 per cent to $18.60, registering volumes of 69,276 GDRs and Reliance, up 0.53 per cent to $19, registering volumes of 108,700 GDRs.

The losers were Ranbaxy Labs, down 1.39 per cent to $20.61, registering volumes of 1,000 GDRs and ITC, down 0.23 per cent to $22.15.

The ISDI, representing the GDRs and ADRs of 15 actively-traded companies, eased by 0.02 per cent to 833.99 on the previous day. However, the ISDI price to earnings multiple ratio inched up by 0.19 per cent to 15.20 from 15.18.

Among the ISDI GDRs and ADRs, there were eight gainers, six losers and one ruled steady.

The GDR of L&T dropped to $15.25 from $15.80, previously. The ADRs of MTNL and HDFC Bank also moved down to $7.10 and $26.84, respectively, from $7.28 and $27.36, previously. ICICI Bank also went down 0.78 per cent to $11.50, registering volumes of 179,900 ADRs.

However, the ADRs of Infosys and Dr Reddy's edged up to $48.50 and $17.27, respectively, from $47.71 and $17.14, previously. The ADRs of Satyam Computer also went up 0.37 per cent to $18.90 registering volumes of 261,4000 ADRs. The GDR of State Bank of India was also quoted slightly higher at $22.30 as compared with $22.10, yesterday.

Meanwhile elsewhere in the world, in the US, stock index futures gained after a government report eased concern about inflation.

Standard & Poor's 500 Index futures expiring in September added 6.10 points to 1,109.50. Dow Jones Industrial Average futures climbed 49 to 10,179 and Nasdaq-100 Index futures rose 11.50 to 1,425.50.

Since last Friday, the S&P 500 has lost 0.6 per cent and is headed toward its fifth straight weekly drop. That would be the longest streak since October 2002. The Dow average is down 0.5 per cent this week. The Nasdaq Composite Index shed 1.7 per cent.

In Asia, the Shanghai Composite Index climbed 2.4 per cent to 1,456.13 while Kong's Hang Seng Index rose one per cent to 12,059.20, narrowing its drop this week to 1.2 per cent. South Korea's Kospi index rose 0.9 per cent, its biggest advance in a month to 739.39.