State Bank GDR up 2.37%

ADR/GDR REPORT

The major gainers were State Bank of India up 2.37 per cent to $45.30 on volumes of 220 GDRs, ITC up 2.03 per cent to $30.20 on volumes of 3,000 GDRs and Bajaj Auto up 1.91 per cent to $24 on volumes of 2,200 GDRs.

The major losers were L&T down 0.96 per cent to $25.75 on volumes of 25,000 GDRs and Ranbaxy down 0.63 per cent to $23.60 on volumes of 2,700 GDRs.

The ISDI, representing the GDRs and ADRs of 15 actively traded companies, edged down by 0.31 per cent to 1,277.28 on March 1 from the previous level of 1,281.27.

The ISDI price to earnings ratio also looked down by 0.20 per cent to 20.41 from the earlier 20.45.

Among the ISDI GDRs and ADRs, there were 10 losers and five gainers and among the ISDI ADRs, one ADR advanced and seven ADRs lost ground.

The only gainer was Dr Reddy's up 0.06 per cent to $17.63 on volumes of 30,000 ADRs. The major losers were Satyam down 3.61 per cent to $23.51 on volumes 417,000 ADRs, MTNL down 2.49 per cent to $6.66 on volumes of 75,900 ADRs and Wipro down 0.87 per cent to $21.55 on volumes of 380,800 ADRs.

The GDR of Hindalco also moved down to $31.50 from $32.10.

However, the GDRs of L&T, Ranbaxy Labs and ITC firmed up to $25.90, $23.76 and $30.20 respectively from $24.70, $23.25 and $29.60 previously.

Incidentally, Infosys still commands a huge premium at 52.53 per cent followed by Wipro at 40.32 per cent and very closely by State Bank of India at 40.23 per cent, to their respective underlying counter parts.

VSNL and ITC trade at a marginal discount of 2.69 per cent and 1.76 per cent respectively.