GDR index gains marginally

MUMBAI, Nov 21: Amidst lacklustre trades and thin volumes the Skindia GDR index continued to be range bound, to finally close at 590.96 points on November 19, registering a net gain of 0.59%. According to market analysts, index movement was reflective of listless nature of business conducted at the GDR markets, except at the auto counters.

During the period between November 12-19, the average premium of the 60 GDRs moved up from 3.23% to 5.14%, while the average spreads of the 37 most actively traded GDRs fell from 9.10% to 8.34%, implying a positive outlook on Indian paper abroad.

Meanwhile, the Skindia GDR premium index rose by 24.56% to close at 19.13% against the previous week’s close of 15.36%. The GDRs of NEPC India and Flex Industries were traded at a premium of 65.01% and 31.5% respectively.