Ranbaxy GDRs down 2.86%

ADR/GDR REPORT

The Instanex Skindia DR Index (ISDI) gained 0.16 per cent to 1,000.31 in early morning trades on December 23, 2003. Among ISDI global depository receipts, only two advanced and five lost ground.

The gainers were Hindalco (up 1.36 per cent to $29.80 registering volumes of 1,500 GDRs), followed by Bajaj Auto (up 0.41 per cent to $24.25 with volumes of 18,800 GDRs).

The major losers were Ranbaxy (down 2.86 per cent to $25.50 registering volumes of 21,700 GDRs), followed by ITC (down 2.17 per cent to $22.50) and Reliance (down 1.79 per cent to $27.50 with volumes of 15,377 GDRs).

The ISDI, which represents the ADRs and GDRs of 15 actively traded companies, was up 1.29 per cent to 1,004.13 on December 22, 2003. It traded at a price to earnings multiple of 19.46 (which was up 1.42 per cent).