The Skindia India GDR index (SGI) has outperformed the Bombay Stock Exchange (BSE) Sensex during the week ended Thursday. The SGI moved up by 3.59 per cent to 456.45 on 18 October against 440.65 points on 11 October. On the other hand the BSE Sensex moved up by 1.28 per cent during the same period from 2943.69 to 2981.33 points.
Of the 23 SGI constituents, 17 advanced and only 4 declined with 2 remaining unchanged. Among the 11 American Depository receipts (ADRs), only 4 were gainers against 6 losers. Silverline Technologies (ADR) was the highest gainer among all the depository receipts, gaining 34.31 per cent at $1.34 over the previous week. Pentamedia Graphics gained 28.57 per cent at $ 0.68 while SPIC (GDR) rose 26.67 per cent at $ 0.95.
According to Instanex Capital Consultants, the Mumbai-based monitoring agency, during the week SGI moved up 16.35 per cent from its year's low of 392.31 recorded on September 25.
However despite the rise, SGI has underperformed the various indices during the period between September 10 and October 18. Instanex study shows a decline of 10.84 per cent in SGI during this period as against a decline of 6.35 per cent in Sensex, 4.60 per cent loss in Dow Jones and 2.52 per cent decline in Nasdaq.
The top losers among the SGI constituents during last week include CESC (GDR) (down 9.09 per cent at $ 0.25 ), VSNL (ADR) (down 8.33 per cent at $ 8.80) and Indo Gulf (GDR) (down 7.14 per cent at $ 0.65 ).
The DR commanding highest premiums over the domestic share prices include Infosys Technologies (ADR) 63.30 per cent, Indian Hotels (GDR) 61.46 per cent and ICICI (ADR) 29.68 per cent. The DRs which traded at top discounts to the domestic share prices include Aptech (GDR) 21.48 per cent, Century Textiles (GDR) 13.62 per cent and Sanghi Poly (GDR) 12.67 per cent.
