Ranbaxy GDR post gains

ADR/ GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 0.31 per cent to 961.17 on Tuesday in early trades.

Among ISDI global depository receipts (GDRs), four advanced and three remained unchanged. The major gainers were Ranbaxy up 3.09 per cent to $25 registering a volume of 4,700 GDRs, Reliance Industries up 1.37 per cent to $23.60 and a volume of 23,112 GDRs and State Bank up 1.22 per cent to $24.90.

The ISDI, representing the GDRs and ADRs of 15 actively traded companies, eased by 0.05 per cent to 957.80 on September 20 as against the previous level of 958.28.

The ISDI price-to-earnings ratio also slipped by 0.07 per cent to 17.37 from 17.39, previously.

Among the ISDI GDRs and ADRs, there were seven gainers, six losers and two ruled steady.

The GDRs of Bajaj Auto and SBI firmed up to $20.65 and $24.90, respectively, from $20.07 and $24.65, previously. The ADR of HDFC Bank also looked up to $30.66 from $29.80. The ADRs of Satyam also went up 0.68 per cent to $23.80, while VSNL was up 0.27 per cent to $7.30.

However, the ADRs of Dr Reddy's and Infosys eased to $17.09 and $56.89, respectively, from $17.38 and $57.41. The GDR of Reliance was also quoted lower at $23.22 as against $23.45.

The ADR of ICICI Bank also went down 0.67 per cent to $13.42.

Meanwhile, the US stocks were set to open higher on Tuesday with the expected rate hike announced by the Federal Reserve already been factored in.

The S&P 500 futures were higher, up about three points above the fair value, accounting for dividends, interest rates and time to expiration on the contract, pointing to a slightly higher start at the open.

Rises in some overseas markets set a positive tone. European markets edged higher on Tuesday, while the UK's FTSE hit a two-year high.

Oil prices held above $46 a barrel on worries of a major supply disruption at a time when producers are pumping at full tilt to meet strong demand.