SKINDIA INDIAN GDR MONITOR
Volume VI No 16	Apr 15-Apr 22, 1999	23-Apr-99

Fear of fresh elections keeps the investors out Despite smooth passage of union budget in the Lok Sabha, punters closed out positions, gripped by fears of a fresh elections, now that no political party has been able to put an alternative government in place. However, volumes on the bourses have shrinked as most market players await a clearer scene on the political front. Only the much awaited passage of the 1999-2000 Budget managed to push the Skindia GDR Index up by 10.13 points and the BSE Sensex by 51.62 points. During the week there was not much change in the average spreads of the 39 most actively traded depository receipts. It was 8.63% on April 15 as compared to 8.72% on April 22. Although the Skindia GDR index ended the week on the positive territory the average premiums of the 63 depository receipts fell down to 12.60% on April 22, from 13.22% on April 15. During the week , the 63 depository receipts gained 1.70% and the shares 1.54%. In the industry wise break up the DRs from steel sector were the highest gainers appreciating 14.29% followed by aluminium with 13.52%. The top losers were cement, IT, and fertilisers sectors depreciating 7.34%, 4.34% and 4.22% respectively. In the underlying shares the top gainers were the aluminium, cable and pharma sector gaining 26.59% and 7.75% and 7.24% respectively and the top losers were hotel, telecom, and IT sectors shedding 3.46%, 2.33% and 2.80% respectively. Core Healthcare GDR at $0.50 is quoting at 52-week high since March 31. Infosys - post ADS issue Issued on Mar 11, at a price of US$ 34.00, a premium of 38.24% over the underlying share. On the issue day the ADS touched a high of US$ 50.00 and low of US$ 37.33 which have been the highest and lowest price since then. The trading volumes in the domestic markets have more than doubled from an average of Rs 19.64 cr (one month before the issue) to Rs 42.92 cr. The ADS has been trading at an average premium of 28.44%.

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