Hindalco, L&T GDRs decline

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 5.79 per cent at 918.19 on Tuesday in morning trades.

Among ISDI global depository receipts (GDRs), one remained unchanged and six lost ground. Major losers were Hindalco down 10.55 per cent to $22.63, Reliance Industries down 6.73 per cent to $22.85 registering a volume of 6,818 GDRs and Larsen & Toubro down 5.28 per cent to $24.20.

The ISDI, which represents the ADRs and GDRs of 15 actively traded companies, closed down 6.64 per cent to 919.91 on the previous day and was trading at a price-to-earning multiple of 16.61 (down by 5.93 per cent).

Among the ISDI ADRs, all eight lost ground. All the 15 companies shares were heavy losers with no gainers. Major losers were Mahanagar Telephone Nigam down 10.48 per cent to $6.75, ICICI Bank down 10.33 per cent to $14.15 and Satyam Computer down 7.05 per cent to $18.60.

The GDR of Hindalco fell sharply to $ 22.63 from $25.30 previously.

Meanwhile, US stocks opened higher on Tuesday, as buyers moved in a day after worries of a Federal Reserve interest rate hike next month sent shares to their lowest levels of the year.

The Dow Jones Industrial Average gained 17.53 points, or 0.18 per cent, to 10,007.55. The Standard & Poor's 500 Index added 1.94 points, or 0.18 per cent, to 1,089.06.

The Nasdaq Composite Index rose 14.90 points, or 0.79 per cent, to 1,910.97.