Return
to Story Page
To print: Select File and then Print from your
browser's menu
Parul Monga
Mumbai, July 24: The Skindia GDR Index fell by 61.46 points (6.46 per cent) for the week-ended July 22, after the index touched a new high of 988.13 points for the week-ended July 15. During the week the spreads between the bid and ask of the 40 most actively traded Indian GDRs widened to 7.37 per cent on July 22 from 7.15 per cent on July 15. During the same period the premiums of 63 GDRs on an average fell down to 4.89 per cent on July 22, from 5.51 per cent on July 15. The week-ended July 22 saw 18 gainers, 38 losers and 7 unchanged as against the 49 gainers, 7 losers and 7 unchanged on July 15.
The major gainers for the week were Jain Irrigation, Tube Investment and India Cements which appreciated $0.15, $1.13 and $1.65 respectively, while the major losers were SIV Industries, Infosys Technologies and ITC which decreased by $0.15, $75.75 and $28.63 respectively. Over the week the 63 GDRs on an average gained by 1.16 per cent whereas the underlying shares lost by 1.01 per cent. In the industry-wisebreakup the GDRs from the cement sector were the highest gainers appreciating by 20.45 per cent, followed by cable and pharma sectors gaining by 7.77 per cent and 6.31 per cent, respectively.
The top losers were the IT sector depreciating by 10.97 per cent followed by telecom and aluminium sector each losing by 10.16 per cent and 7.15 per cent. In the underlying shares the pharma sector was the top gainer, gaining by 9.68 per cent followed by cable with 5.83 per cent and power with 3.77 per cent.
There were only two losers namely, the steel and fertiliser sector shedding 15.15 per cent and 7.46 per cent. Infosys ADR after touching a high of $121.87 on July 16, 1999, crashed to $76 on July 22.
During the week underlying share prices witnessed a two-way movements with FMCG and pharma sector taking the centrestage on both the BSE and NSE following sudden shift of focus by FIIs. ``In fact, FIIs had fanned the software sector after the ADR of Infosys raced up to $120 on Nasdaq but the ADRs fall fuelledall-round selling in software scrips and FIIs concentrated on HLL in particular and other FMCG and pharma shares in general while cyclicals had a dressing down in the form of correction,'' said a BSE broker.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------