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Skindia GDR Index down 34 points to 765.99; fertiliser, petro, cement up; hotel, telecom and aluminium dip

The Indian global depository receipts or GDRs declined by 34.79 points to 765.99 on the Skindia Index during the week ended May 13.

Skindia Finance said in a statement that after helping the Skindia GDR index touch 52-week high of 804.01 points, players in the GDR market now seem to be indifferent to the high swings in share prices.

This has resulted in opposite movements in the Skindia GDR Index and BSE Sensex. Therefore, after rising significantly for three consecutive weeks, the GDR markets consolidated this week, but the bull took over the domestic market, pushing the BSE Sensex above the psychological mark of 4000 points.

During the week, there was not much change in the average spreads of the 39 most actively traded depository receipts. It was 8.12 per cent on May 13 as compared to 8.63 per cent on May 6.

As the Skindia GDR Index ended the week on the negative territory, the average premia of the 63 depository receipts declined to 4.34 per cent on May 13 from 13.36 per cent on May 6.

During the week, in GDRs, there were 23 gainers, 16 losers and 24 remained unchanged against the 36 gainers, 15 losers and 12 unchanged GDRs last week.

The top gainers for the week were SPIC $ 4.38 (3.15), Indian Rayon $ 2.48 (1.85) and Kesoram Industries $ 0.40 (0.30) while the top losers were ITC $ 29.38 (33.85), Indian Hotels $ 7.88 (9.00) and East India Hotels $ 5.23 (5.88).

The other top gainers in GDRs were fertiliser and cable sectors which rose by 9.72 per cent and 6.84 per cent respectively.

The top losers were hotel, telecom and aluminium sectors which fell by 7.85 per cent, 6.36 per cent and 2.73 per cent respectively.

In shares, the top gainers were fertiliser and cement sectors, advancing by 18.50 per cent and 14.10 per cent respectively while there were no losers.

After a week of consolidation, the GDRs again started to push upwards after being down by 5.40 per cent or 43.25 points till May 12. On May 13, the GDRs closed by 1.12 per cent higher, while they moved up by 2.79 per cent or 21.33 points in mid-day trade on May 14 over previous day's close.

Maybe, 13 is a lucky number for GDRs!

UNI

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