L&T GDR up 9.27%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 0.45 per cent to 849.41 on May 20, 2004 in early morning trades in the western markets. Among ISDI global depository receipts, one advanced, two remained unchanged and four lost their ground.

The lone gainer was L&T (up 9.27 per cent to $22.40). The major losers were SBI (down 4.52 per cent to $26.40, registering volume of 134,241 GDRs), Hindalco (down 1.90 per cent to $20.60, registering volume of 5,900 GDRs) and Reliance (down 1.34 per cent to $22.10, registering volume of 268,828 GDRs).

The ISDI, which represents the ADRs and GDRs of 15 actively traded companies, also went up 2.76 per cent against the previous day's close at Rs 854.52 and was trading at a price to earnings ratio of 15.51 (up by 2.22 per cent).

Among ISDI ADRs, six advanced and two lost ground. The major gainers were MTNL (up 3.03 per cent to $6.80), Wipro (up 2.84 per cent to $42.68) and ICICI Bank (up 2.61 per cent to $12.98).

The losers were VSNL (down 2.06 per cent to $6.18) and Dr. Reddy's (down 1.71 per cent to $19.01).

Meanwhile, stocks opened near the unchanged mark on Thursday in the US as investors sorted through a handful of earnings reports. And the nagging high oil prices kept Wall Street on edge.

The Dow Jones industrial average was down 11.64 points, or 0.12 per cent, at 9,926.07. The Standard & Poor's 500 Index was down 0.46 points, or 0.04 per cent, at 1,088.22. The technology-laced Nasdaq Composite Index was up 0.86 points, or 0.05 per cent, at 1,899.03.