Ranbaxy GDR slips 0.49%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was up 1.77 per cent to 852.68 on May 24 in early morning trades in the western markets. Among ISDI global depository receipts (GDRs), five advanced, one remained unchanged and one lost ground.

The major gainers were SBI, up 7.21 per cent to $28.25, registering volume of 33,898 GDRs, Reliance, up 4.09 per cent to $22.90, registering volume of 28,400 GDRs and Hindalco, up 1.46 per cent to $20.90. The only loser was Ranbaxy, down 0.49 per cent to $22.39, registering volume of 10,850 GDRs.

The ISDI, which represents the ADRs and GDRs of 15 actively-traded companies, closed down 1.64 per cent to 841.58 the previous day and was trading at a price to earnings multiple of 15.29 (down by 1.75 per cent).

Among ISDI ADRs, seven advanced and one lost ground. The major gainers were ICICI Bank, up 1.60 per cent to $12.73, registering volume of 601,100 ADRs, Satyam Computer, up 1.54 per cent to $18.48, registering volume of 221,700 ADRs and Wipro, up 0.71 per cent to $42.37, registering volume of 51,500 ADRs. The only loser was HDFC Bank, down 0.42 per cent to $26.08, registering volume of 26,400 ADRs.

Elsewhere in the world - US stock index futures gained as Saudi Arabia pledged to boost oil output, easing concerns of rising energy prices hampering economic growth.

Standard & Poor's 500 Index June futures climbed 6.40 per cent to 1,098.90 in early morning trades in the western markets. Dow Jones industrial average futures advanced 53 to 10,020 and Nasdaq-100 Index futures increased 13 to 1,421.50.

European stocks also rose, led by companies sales, and optimism on the oil prices front.

The Dow Jones Stoxx 50 index was up one per cent to 2,684.28 in afternoon trades. The Stoxx 600 advanced 0.9 per cent. The Euro Stoxx 50, a benchmark for the 12 countries sharing the euro, climbed one per cent.

Benchmark indexes rose in all 17 European markets, except Italy and Luxembourg. Germany's DAX index added 1.6 per cent. France's CAC 40 index gained 0.9 per cent. The UK's FTSE 100 index increased 0.4 per cent. June futures on the Euro Stoxx 50 advanced 1.8 per cent.

Japanese stocks rose, led by banks. The Nikkei 225 Stock average added 0.3 per cent to 11,101.64 at close in Tokyo. The Topix index rose 0.5 per cent to 1,130.89. South Korea's Kospi index rose 1.7 per cent.