Hindalco, SBI GDRs gain

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 3.09 per cent to 834.45 on Monday in early morning trades in the western markets. Among ISDI global depository receipts, five advanced and two remained unchanged.

The gainers were Hindalco up 7.32 per cent to $22.00 (1,360 GDRs), State Bank of India up 6.05 per cent to $21.90 (62,000 GDRs) and Reliance up 3.28 per cent to $20.80 (2,680 GDRs).

The ISDI, which tracks the ADRs and GDRs of 15 actively traded companies, also closed up 2.39 per cent to 825.75 on June 25 and was trading at a price to earnings multiple of 14.99 (up 0.98 per cent).

Among ISDI ADRs, all eight advanced. The major gainers were Infosys Tech up 5.90 per cent to $93.72, VSNL up 4.87 per cent to $7.10 and MTNL up 4.42 per cent to $6.85.

US stock-index futures jumped as the country handed over sovereignty to Iraq two days earlier than expected, pushing crude oil prices to a near two-month low. Standard & Poor's 500 Index futures expiring in September added 7.40 to 1142.60 and Dow futures rose 55 to 10,435.

Nasdaq-100 Index futures increased 8.50 to 1514.

Futures also rose amid optimism that the Federal Reserve would not accelerate interest rate increases after its meeting on Wednesday.

In Asia, Japanese stocks rose on expectations reports this week will signal an economic recovery is spurring domestic demand. The Nikkei 225 Stock Average gained 0.9 per cent to 11,884.06 at close. The broader Topix index added 1.2 per cent to 1186.60.

South Korea's Kospi index dropped one per cent while Taiwan's Taiex Index slid 1.6 per cent on fears of interest rate hikes.

The Morgan Stanley Capital International's Asia-Pacific Index, which tracks more than 900 stocks, added 0.5 per cent to 92.05. All other benchmarks in the region rose, except those in Australia, New Zealand, Indonesia, China and Sri Lanka.