MUMBAI, April 4: The beginning of the new financial year failed to bring in good news for the GDR market. The week ended April 2 saw the Skindia GDR index trade in the narrow band of 950.14 points and 958.28 points to finally close at 951.30 registering a net loss of 0.12 per cent.Thin volumes and lacklustre trades saw the GDR index P/E ratio rise by only 3.96 per cent to close at 21.27 points. 65 GDRs gained a marginal 0.36 per cent as compared to a gain of 3.4 per cent in the underlying shares. The Skindia GDR Index premium fell by 13.51 per cent to close at 20.34 per cent on April 2. However, select GDRs of Oriental Hotels, JK Corp and Crompton Greaves continued to be traded at higher premiums of 205.81 per cent, 88.69 per cent and 75.36 per cent respectively.Interestingly, the stock which performed well in the underlying markets continued to be the star performers at the GDR markets as well. The top gainers on the GDR market were G E Shipping, ICICI and Telco. GDRs of BSES, Bajaj Auto andReliance registered substantial price erosion of 7.79 per cent, 3.70 per cent and 2.78 per cent respectively.In the international market the telecom sector was the major gainer with a gain of 2.69 per cent, followed by the auto sector with 1.84 per cent. In the domestic market, cables were the forerunners with a rise of 12.60 per cent followed by the auto sector with 7.68 per cent. "During the year the Skinda GDR Index lost 6.13 per cent as compared to a gain of 13.59 per cent in the BSE Sensex," stated a release by Skindia Finance.The pharma industry registered positive returns of 5.02 per cent in the GDR market while in the underlying shares fertilizers, pharma and cable were the only sectors which appreciated by 21.03, 20.12 and 12.25 per cent, respectively.
