SBI GDR slips 6.25%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) was down 1.78 per cent to 1,218.87 on Tuesday in early morning trades. Among ISDI global depository receipts (GDRs), seven lost ground.

The major losers were State Bank of India, down 6.25 per cent to $37.5, Larsen & Toubro (L&T) down 4.88 per cent to $23.40 and Reliance Industries down 3.05 per cent to $25.40.

The ISDI, representing the GDRs and American depositary receipts (ADRs) of 15 actively traded companies declined by 1.58 per cent to 1,227 on March 21 from 1246.73. The ISDI price-to-earning ratio also moved down by 1.42 per cent to 19.61 from 19.89.

Among the ISDI GDRs and ADRs, there were 11 losers, three losers and one ruled steady. On March 18, 2005, among ISDI ADRs, one ADR gained, one remained unchanged and six ADRs lost ground. The major gainer was Infosys up 0.69 per cent to $76.12.

Stock of the day Skanska up on buyback buzz Skanska Cementation stock has appreciated by 71 per cent in just two weeks with the stock currently trading at its seven year high of Rs 463.85 on the BSE.

The counter in Tuesday's trading witnessed slightly higher volumes of 47,050 shares on BSE.

Market sources said, while fundamentally nothing has changed, the stock is attracting buying interest on the buzz that the parent company may announce a buy back of shares. The foreign promoters hold 80.37 per cent as of December 31, 2004 and may opt for a buy back and delist the shares, sources added.