SBI GDR looks up

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 0.07 per cent to 961.68 on Friday in early trades. Among ISDI global depository receipts (GDRs), three advanced and four lost ground.

The gainers were State Bank of India (SBI) up 1.81 per cent to $25.25, Larsen & Toubro up 0.27 per cent to $18.65, and ITC up 0.20 per cent to $25.10, registering a volume of 6,000 GDRs.

The major losers were Bajaj Auto down 0.99 per cent to $21.09, Reliance down 0.44 per cent to $22.80 and a volume of 30,000 GDRs, and Hindalco down 0.40 per cent to $27.39.

The ISDI, representing the GDRs and American depositary receipts of 15 actively traded companies, recovered marginally by 0.10 per cent to 963.69 on September 23 as against the previous level of 962.77.

The ISDI price-to-earning multiple also inched up by 0.23 per cent to 17.50 from 17.46, previously. Among the ISDI GDRs and ADRs, there were seven gainers and eight losers and among ISDI ADRs, three advanced and five lost ground.

The gainers were Dr Reddy's up 1.98 per cent to $17 and a volume of 36,100 ADRs, MTNL up 1.77 per cent to $6.90 and a volume of 95,000 ADRs and HDFC Bank up 0.87 per cent to $32.54 and a volume of 68,000 ADRs.

The major losers were Infosys down 1.35 per cent to $55.62, Wipro down 0.62 per cent to $17.59 and a volume of 86,900 ADRs and ICICI Bank down 0.29 per cent to $13.85 and a volume of 154,800 ADRs.

The GDR of State Bank of India also moved up to $25.25 from $24.80. The GDRs of Ranbaxy and Bajaj Auto also eased to $24.30 and $21.09, respectively, from $24.55 and $21.30.

Meanwhile, Tokyo's Nikkei average fell 1.13 per cent to hit a five-week closing low on Friday over concerns on oil prices and uncertainty over the US economy. The losers were led by brokerage firms and technology stocks.

The benchmark fell 124.25 points to 10,895.16, its lowest close since August 20 and the first below 11,000 since August 24.

The broader TOPIX Index lost 1.05 per cent to 1,102.37, its lowest close since August 18.