Ranbaxy GDR up 1% to $28.5

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 2.85 per cent to 1,199.29 in the early morning trades on Thursday. Among the ISDI global depository receipts, two GDR gained, one remained unchanged and four lost ground.

The only gainer was Ranbaxy, up 1.06 per cent to $28.50. The major losers were Hindalco, down 3.09 per cent to $31.01, L&T, down 2.32 per cent to $22.10 and State Bank of India, down 2.62 per cent to $32.

The ISDI, representing the GDRs and ADRs of 15 actively traded companies, declined further by 3.47 per cent to 1165.71 on January 5 from the previous level of 1207.62.

The ISDI price to earnings ratio also moved down by 2.81 per cent to 18.67 from the previous level of 19.21.

Among the ISDI GDRs and ADRs, there were 14 losers and one ruled steady and among ISDI ADRs, eight ADRs lost ground.

The major losers were ICICI Bank, down 7.18 per cent to $18.35, Wipro, down 6 per cent to $21.76 and Satyam, down 4.27 per cent to $22.40. The GDR of State Bank of India also declined to $35.45 from $37.25.

Elsewhere, Japanese stocks rose after the government announced plans to lower costs for shipping companies. The Nikkei 225 Stock Average rose 0.5 per cent to 11,492.26 at close in Tokyo. The Topix index added 0.4 per cent.

Morgan Stanley Capital International's Asia-Pacific Index, which tracks more than 900 stocks, lost 0.8 per cent to 98.48, its fourth straight day of decline.

Benchmarks in Singapore, New Zealand, Thailand, Malaysia and Indonesia rose, while those in South Korea, Australia, Taiwan, China, and the Philippines fell.