ITC GDR up 1%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 1.80 per cent to 945.74 on March 23 in early morning trades in the western markets. Among the ISDI global depository receipts, three advanced and two remained unchanged and two lost ground.

The gainers were ITC up 1.01 per cent to $25.00, registering volume of 2,298 GDRs, Reliance up 0.75 per cent to $26.70 registering volume of 18,220 GDRs and Hindalco up 0.14 per cent to $28.54. The losers were L&T down 1.81 per cent to $24.35 and SBI down 0.14 per cent to $34.50.

The ISDI which tracks the ADRs and GDRs of 15 actively-traded companies closed down 2.06 per cent to 950.98 on the previous day and the ISDI price to earnings multiple was trading at 17.20 (down by 2.23 per cent). Among the ISDI ADRs, all eight lost ground and among the ISDI ADRs and GDRs, there were ten losers, three gainers and two remained unchanged.

The major losers were Satyam Computer down 6.38 per cent to $19.09 registering volumes of 320,400 ADRs, HDFC Bank down 4.05 per cent to $27.92 registering volumes of 83,800 ADRs and MTNL down 3.84 per cent to $7.02 registering volumes of 121,100 ADRs.

The GDR of State Bank of India slipped to $ 34.50 from $36.00, previously. However, the GDRs of Reliance, Ranbaxy Labs and Hindalco firmed up to $ 28.00, $21.00 and $28.54, respectively, as against $27.31, $20.85 and $28.50, previously.

Meanwhile, elsewhere in the world - the Wall Street looked set to open slightly higher after a two-session rout which took shares to 2004 lows on Monday.

The US stock index futures, an indicator to the cash segment, were just under half a per cent higher.

The FTSE Eurotop 300 index was up 0.65 per cent while the narrower DJ Euro STOXX 50 index gained 0.56 per cent. Earlier, Tokyo's Nikkei stock index fell for a third successive day but managed to recoup the losses sustained in early trades as buyers picked bargains in blue chips. The Nikkei fell 0.33 per cent, led by shares sensitive to the domestic economy. The broader TOPIX rose 0.09 per cent.