Ranbaxy GDRs up 5.88%

ADR/ GDR REPORT

Indian global depository receipts (GDRs) started trading on firm note on Monday in London. The Instanex Skindia DR Index (ISDI), which tracks 15 actively-traded Indian depository receipts, rose 5.03 per cent to 1,140.43 on Monday at 5:00 PM IST. Ranbaxy's GDR rose 5.88 per cent to $27 with volumes of 7,400 receipts traded.

ITC's GDR jumped 4.44 per cent to $23.50 and SBI GDR edged up 2.54 per cent to $34.35 on volumes of 17,950 receipts.

However, Larsen & Toubro's GDR fell 1.05 per cent to $23.50 on volumes of 7,730 receipts. On Friday, the ISDI shed 5.49 per cent to close at 1,139.98. But the price-earning ratio rose 5.49 per cent to settle at 22.11.

Elsewhere, Tokyo's Nikkei average ended at a two-month high on Monday, the first trading day of 2004, with all sectors benefiting from an upbeat US manufacturing report and moderate gains in US stocks last week when Japan was on holiday.

The Nikkei average finished up 1.39 per cent at 10,825.17, its highest close since November 5. The broader Topix index was up 1.47 per cent at 1,058.99.