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Journalism of Courage
MUMBAI, April 18: The global depository receipts (GDRs) of Indian companies remained bearish in line with the subdued trend in the domestic stock market. The Skindia GDR index fell by 20 points, or 2.09 per cent, in the past week. The sensex fell by 1.18 per cent during the same period.
The Skindia GDR index which had breached the 1,000 point mark before settling to a close of 999.93 points on April 9, closed at 979.02 points on April 16.
During last week, 24 out of the 65 GDRs recorded gains as against 39 of the underlying shares gaining over the same period. Also 29 GDRs remained unchanged while 12 of them were losers. In contrast, none of the underlying shares remained unchanged and 26 of them suffered losses.
The top gainers among GDRs were CESC which moved up 26.09 per cent to close at $ 1.45, Sail which closed at $ 5.75 up 17.35 per cent and Arvind Mills which gained 13.16 per cent to close at $ 2.15. Among the losers were Videocon International, whose promoters have just made an open offer topick up a two per cent stake from the public. The GDR fell 17.93 per cent in the past week to close at $ 2.38. MTNL and Telco were the other prominent losers.
The GDRs commanding a premium on the underlying shares included Oriental Hotels, Cromptom Greaves and Ranbaxy Labs.
The GDRs being traded at a discount include JCT Ltd, GNFC and Usha Beltron.
GDRs from the steel sector were in the limelight recording a gain of 8.67 per cent followed by power sector stocks at 7.77 per cent.
