Reliance GDR rises 4.17%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 0.18 per cent to 878.80 on Thursday in early morning trades in the western markets.

Among ISDI global depository receipts, five advanced and two lost ground. The major gainers were Reliance Industries (up 4.17 per cent to $22.50, registering volume of 63,100 GDRs), SBI (up 1.55 per cent to $22.90, registering volume of 200 GDRs) and ITC (up 1.14 per cent to $22.25, registering volume of 98,450 GDRs).

The losers were Bajaj Auto (down 2.17 per cent to $18, registering volume of 3,000 GDRs) and Ranbaxy (down 0.49 per cent to $20.40, registering volume of 16,000 GDRs).

The ISDI, which tracks the ADRS and GDRs of 15 actively traded scrips, closed down 0.81 per cent to 875.91 on the previous day and was trading at a price to earnings multiple of 16.07 (up by 1.49 per cent).

Among ISDI ADRs, two advanced and six lost ground. The gainers were MTNL (up 5.57 per cent to $7.01, registering volume of 104,000 ADRs) and VSNL (up 0.87 per cent to $8.10, registering volume of 323,200 ADRs).

The major losers were Satyam Computer (down 2.89 per cent to $19.18, registering volume of 72,600 ADRs), Infosys (down 2.23 per cent to $49.55), and Wipro (down 1.95 per cent to $15.10, registering volume of 121,100 ADRs).

Meanwhile, the US stocks declined as oil prices rose to a record high and a slew of disappointing corporate earnings reports. Share prices also fell after a government report showed consumer spending decreasing more than expected in June.

The Standard & Poor's 500 Index shed 6.93, or 0.6 per cent, to 1099.69. The Dow Jones Industrial Average lost 58.92, or 0.6 per cent, to 10,120.24.

The Nasdaq Composite Index dropped 32.67, or 1.7 per cent, to 1859.42.

In Asia, Japanese stocks fell on concerns of slowing domestic sales growth and rising steel costs will erode earnings.

The Nikkei 225 Stock Average slid 0.7 per cent to 11,140.57 at close in Tokyo. The broader Topix index fell 0.8 per cent to 1127.03.

The Hang Seng Index rose 1.3 per cent, its biggest gain in two weeks, to 12,357.12 and the Singapore's Straits Times Index jumped 1.3 percent to 1911.80, its highest since Feb. 28, 2001.

All other stock benchmarks rose in the region apart from those in China, Malaysia, Thailand, India and the Philippines.