Bajaj GDR up 4.4%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) gained 0.57 per cent to 979.41 in early morning trades in the western markets on December 17, 2003. Among ISDI global depository receipts (GDRs), five advanced and one lost ground.

The major gainers were Bajaj Auto (up 4.40 per cent to $23.75, registering volumes of 4,800 GDRs), followed by Ranbaxy (up 2.18 per cent to $26.30 with volumes of 2,610 GDRs) while L&T was up 1.03 per cent to $19.60 with volumes of only 25,000 GDRs. The only loser was State Bank of India which went down 0.33 per cent to $30.30.

The ISDI, which represents the GDRs and ADRs of 15 actively traded companies, was down 0.82 per cent to 970.41 on December 16, 2003 and was trading at a price to earnings multiple of 18.79 (which is down 0.86 per cent from the previous day).

Among the ISDI American depository receipts, only two advanced and six lost ground. Among the ISDI ADRs and GDRs, there were seven gainers and eight losers.