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Skindia GDR Index down 1.5 pc to 609.38 points; cable, steel, cement up; telecom, aluminium, pharma down

The Skindia GDR Index decreased further by 9.40 points while the BSE Sensex lost 36.98 points during the week ended January 28, following disappointing third quarter results and the subsequent correction in the capital markets.

During the week, the 60 GDRs on an average lost marginally by 0.38 per cent and the shares by 0.49 per cent. As the fall in the underlying shares was more, the premia of the 60 GDRs inched upwards to 4.64 per cent on January 28 from 4.31 per cent on January 21 while the average spreads of the 37 most actively traded GDRs narrowed to 8.08 per cent on January 28 from 8.23 per cent on January 21, indicating that the undertone remains positive.

In the industry-wise break-up, the GDRs from cable sector were the highest gainers appreciating by 5.43 per cent followed by steel with 3.85 per cent and cement with 2.00 per cent. The top losers were telecom, aluminium and pharma which lost by 3.40 per cent, 2.18 per cent and 1.91 per cent respectively.

In shares, too, the major gainers were the cable sector, appreciating by 11.11 per cent, followed by cement with 4.10 per cent, while the top losers were auto, hotel and pharma which depreciated by 4.48 per cent, 4.09 per cent and 3.96 per cent respectively.

During the week, the Skindia GDR Index declined by 1.52 per cent from 618.78 points to 609.38 points on January 28. The Skindia GDR Index P/E ratio also eased by 1.10 per cent to 25.62 from 25.91 while the Skindia GDR Index premium gained by 4.60 per cent to 15.03 per cent from 14.37 per cent.

Skindia Finance said in a statement that India has not been able to come out with a depository programme for over a year. It is only on January 17, 1999 that the road shows for VSNL had started, after the MTNL GDR issue on December 4, 1997.

UNI

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