Almost all the companies (new economy & old economy) which have overseas listings in the form of GDRs/ADRs, which showed an upward trend in their prices. Bajaj Auto GDRs rose $2.6 or 15.25 per cent between September 30 and October 31. Other notable gains were posted by companies such as Hindalco (up $4.46 or 22.08 per cent to $24.66), Ranbaxy Labs (up $1.40 or 6.42 per cent to $23.20), SBI (up $4.73 or 18.69 per cent to $30.03) and Dr Reddys (up $3.21 or 13.69 per cent to $26.66).
On the other hand, all the GDRs/ADRs of new economy stocks also showed an upward trend except one in their prices during the month of October 2003. Infosys ADR price increased significantly by $16.43 or 24.14 per cent between September 30 and October 31. Other notable gains were recorded by Wipro (up $7.25 or 24.96 per cent to $36.30), Satyam Computer (up $5.20 or 40.31 per cent to $18.10) and HDFC Bank (up $4.39 or 20.42 per cent to $25.89). Only one new economy companys ADR showed a downward trend in October. MTNL shed $0.45 (8.51 per cent) to $4.84 in October.
Instanex Skindia DR Index, tracking ADR/GDR prices, has eight ADRs and seven GDRs on its list. Instanex Skindia DR Index increased by 132.50 points or 17.90 per cent to 872.59 on October 17 from September 30 and finally reached a level of 872.86 on October 31 after a decline of 14.59 points to 833.36 on October 23. The highest rise and fall in the index were witnessed on October 10 (2.77 per cent) and October 23 (-1.72 per cent) respectively. The premium, which was 14.82 per cent on September 30, rose significantly to 22.13 per cent on October 31. This was mainly due to strong international markets. Infosys saw its ADR premium widen considerably during the study period. Infosys ADRs traded at a premium of 61.53 per cent October 31,2003 compared to 37.91 per cent on September 30. However, SBI, which traded at a premium of 28.38 per cent on September 30, rose significantly to 40.54 per cent on October 31. Of the 15 constituents of the index, there were 14 gainers and one loser in terms of price. The highest gainer in price was Satyam Computer ADR.