Hindalco, L&T GDRs up

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) remained unchanged at 945.55 in early trades in the western markets on December 10, 2003. Among ISDI global depository receipts, four advanced and three lost ground.

The major gainers were L&T which was up 4.28 per cent to $19.50 and Hindalco (up 4.22 per cent to $28.40), both registering volumes of 15,000 GDRs each. Next in line was Reliance which went up 1.62 per cent to $25.15 with volumes of 45,320 GDRs.

The losers were Ranbaxy (down 1.17 per cent to $25.45 with volumes of 20,465 GDRs), followed by Bajaj Auto (down 1.14 per cent to $21.75) and State Bank of India (down 0.66 per cent to $29.90 with volumes of 8,350 GDRs).

The ISDI, which represents ADRs and GDRs of 15 actively traded companies, was down 0.73 per cent to 943.28 on December 09, 2003 and was trading at a price to earnings multiple of 18.26 (down by 0.68 per cent).

Among the ISDI American Depository Receipts, four advanced and four lost ground while among the GDRs and ADRs, there were nine gainers and six losers.

The major gainers were Dr Reddy's (up 3.51 per cent to $29.76 registering volumes of 226,500 ADRs), followed by Infosys (up 0.60 per cent to $84) and Wipro (up 0.15 per cent to $40.66 with volumes of 27,800 ADRs).

The losers were HDFC Bank (down 3.33 per cent to $27.02 with volumes of 40,200 ADRs), Satyam Computers (down 2.17 per cent to $22.53 with volumes of 737,200 ADRs) and VSNL (down 2.15 per cent to $5.91 on volumes of 66,900 ADRs).

The GDRs of Ranbaxy Labs, Hindalco and L & T shot up to $26.00, $28.55 and $19.00 respectively from $24.40, $27.25 and $18.30 previously.