Reliance, Hindalco, L&T ADRs gain

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) gained 0.50 per cent to 976.46 on December 18, 2003 in early morning trades.

Among ISDI global depository receipts, three advanced and four lost ground.

The only gainers were L&T, which was up 4.59 per cent to $20.50 registering volumes of 38,800 GDRs, followed by Reliance, which went up 1.19 per cent to $25.55 with volumes of 56,055 GDRs and Hindalco, which had gone up 0.34 per cent to $29.40.

The major losers were ITC, which was down 1.27 per cent to $23.36, Ranbaxy, which was down 1.14 percent to $26, registered volumes of 63,350 and Bajaj Auto, which went down 0.42 per cent to $23.65, saw volumes of 48,600 GDRs.

The ISDI closed down 0.47 per cent to 974.94 on December 17, 2003 and was trading at a price to earnings multiple of 18.87 (up by 0.42 per cent). Among the ISDI American Depository Receipts, five advanced and three lost ground.

The major gainers were HDFC Bank, which was up 3.46 per cent to $28.99 and registered volumes of 93,300 ADRs, followed by MTNL up 2.42 per cent to $5.50 with volumes of 90,100 ADRs and ICICI Bank up 1.73 per cent to $15.26 with volumes of 364,300 ADRs.

The only losers were Infosys down 1.72 per cent to $83.95, Wipro down 1.56 per cent to $43 with volumes of 58,100 ADRs and VSNL down 0.52 per cent to $5.73.

The Satyam Infoway ADR was down 5 cents to $4.50 while rediff.com ADR was down 9 cents to $4.92. The Satyam Computer ADR was however up by 23 cents to $25.24. Dr Reddy's Labs was up 8 cents to $29.69.

Meanwhile on Wednesday, US stocks traded in a narrow range for most of the day. The Nasdaq Composite went down 2.96 points to close 1921.33.