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Week ends on a high note in anticipation of Euro impact; Skindia GDR index up 30 points to 595.89

The global depository receipts market continued its uptrend pushing up the Skindia GDR index by 30.18 points to 595.89 points in the last week of 1998 ending December 30, 1998.

The markets opened only for two days, being a holiday week, on account of Christmas and New Year. On both these days, GDRs registered moderate gains.

Top GDR gainers during the week were: Ashok Leyland which shot up to $ 3.18, Arvind Mills to $ 0.88 and Indian Aluminium to $ 2.08.

In the losers list, Telco and Telco (2nd) eased to $ 4 each, Bajaj Auto declined to $ 15.63.

The market which reopens on Monday, will witness the impact of the new Euro currency on the forex market.

In the new year, the fate of the Insurance Regulatory Authority, patent and Companies Act bills and the next general budget will be the major market moving factors, according to Maneesh Gupta of Skindia Finance.

Meanwhile, the Skindia GDR index from Monday will comprise only 17 companies which represent 85.56 per cent of the total market capitalisation for the 60 companies. Earlier the index comprised 18 securities and with the exit of IPCL from the index, now 17 companies are in the index which include Bajaj Auto, BSES, East India Hotels, Grasim, Gujarat Ambuja, Hindalco, Indian Hotels, ICICI, ITC, L&T, Mahindra and Mahindra, MTNL, Ranbaxy, Reliance, State Bank of India, Telco and VSNL, a Skindia media statement said.

UNI

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