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Aluminium, infotech, pharma gain; fertiliser, auto, textiles dip; Infy, Ranbaxy hog limelight; Skindia GDR index moves up 2 pc to 653.32

The Indian global depository receipts or GDRs rose moderately, while the BSE Sensex declined marginally during the week ended March 18.

The Skindia GDR index moved up by 1.97 per cent to 653.32 points on March 18 from 640.67 points on March 11, while the BSE Sensex eased marginally by 0.02 per cent to 3,672.71 points from previous close of 3,673.51 points.

During the week, the premia of the 63 GDRs on an average fell down to 1.16 per cent on March 18 from 5.32 per cent on March 11. The spreads between the bid and ask of the 39 most actively traded Indian GDRs widened to 9.40 per cent on March 18 from 8.71 per cent on March 11.

During the week, the 63 GDRs on an average gained two tenths of a percentage and the shares, 4.54 per cent. Aluminium sector was the top gainer in the GDRs with a rise of 11.91 per cent followed by infotech and pharma that appreciated by 9.86 per cent and 7.87 per cent respectively.

The top losers were fertiliser, auto and textile sectors which depreciated by 5.54 per cent, 4.08 per cent and 3.93 per cent respectively.

In shares, the major gainers were steel, cables and pharma with a rise of 19.32 per cent, 16.77 per cent and 9.12 per cent and the top losers were auto, hotel and telecom falling by 3.08 per cent, 3.03 per cent and 1.37 per cent respectively.

According to Skindia Finance, Infosys Technologies continues to attract the investors. After listing the previous week, its ADR has fallen 7.55 per cent and taking the cue, its share on the BSE also declined by 6.09 per cent.

The fall in both the ADR and the share is more due to correction after an overwhelming success of its ADR issue. At a price of $ 43.25, it still is quoting at a premium of 22.07 per cent to underlying share. After falling by 10.26 per cent in the first three days of its listing, the ADR gained by 2.67 per cent in the next two days.

The ADR listing has had a very good effect on the turnover of its share. During the period, January 1998-February 1999, its average daily turnover has been roughly around Rs 150 million on BSE, but in March 1999, it has clocked a daily average of Rs 434.5 million on the BSE.

Besides it, the other sector which has been faring well is pharma. On an average, its GDRs gained by 56.78 per cent in the year 1999, and the shares moved up by 65.47 per cent.

Ranbaxy is the star performer with its GDR rising 81.42 per cent to $ 16.60 this year. Its GDR touched a 52-week high of $ 16.64 on March 18. The share gained by 123.56 per cent to Rs 597.35 in the same period.

UNI

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