Pharma, software GDRs hog the limelight

MUMBAI, Mar 21: Pharma and software stocks continued to be the key players at the GDR (global depository receipts) market. Reflecting the...

MUMBAI, Mar 21: Pharma and software stocks continued to be the key players at the GDR (global depository receipts) market. Reflecting the completion of a long correction, the Skindia GDR index closed at 653.32 points on March 18, registering a net gain of 1.97%.

However during the week ended March 18, the premiums of the 63 depository receipts (DRs) on an average fell to 1.16 % from 5.32 % on March 11. The Skindia GDR premium index fell by 2.36 % to close at 11.50 % on March 18. Interestingly, the GDR of MTNL scored a premium of 27.42 pc over its underlying share which closed at Rs 161.80 on March 18 on the Bombay Stock Exchange.

Among the top gainers were the GDRs of Pentafour Software, Hindalco and Ranbaxy Labs. While the GDRs of Pentafour Software closed at $28 registering a net price appreciation of 27.2 %, the GDRs of Hindalco and Ranbaxy witnessed a price rise of 26.05 % and 24.34 % respectively.

Aluminium sector was the top gainer in the DRs with a rise of 11.91 per cent followed by IT and pharmaappreciating by 9.86 per cent and 7.87 per cent respectively.

Among the IT stocks, Infosys Technologies ADR continued to attract the investors. After listing in the previous week, its ADR has fallen by 7.55 per cent by March 18. Taking a cue its share on the BSE also fell by 6.09 per cent. "The fall in the ADR and the share is more due to correction after an overwhelming success to its ADR issue," explained the analyst of Skindia Finance. Interestingly, even after the preliminary correction at a price of $43.25 the Infosys ADR is still quoting at a premium of 22.07 per cent to its underlying stock.

Besides IT, the other sector making news is the pharma sector. On an average its GDRs have gained 56.78% in 1999 and the shares have moved up by 65.47%.

The top losers were fertiliser, auto and textile sector GDRs which depreciated by 5.54 %, 4.08 % and 3.93 % respectively. GDRs of Indian Aluminium, DCW and Spic lost to the tune of 16.36 %, 14.29 % and 13.07 % respectively.