SKINDIA INDIAN GDR MONITOR
Volume VI No 27	Jul 02-Jul 08, 1999	09-Jul-99

Skindia GDR Index rises 4% as the Kargil crises seen easing On Pakistan defence committee's appeal to resolve the crises the Skindia GDR Index moved up by 4.13% to 888.35 in mid-day trade on July 09, a gain of 35.25over July 08 close. In mid-day trade seven GDRs were quoting at 52 week high. These are Grasim at US$9.93, Guj. Ambuja at US$ 11.25, Hindalco at US$ 25.05, Indian Rayon US$ 4.98, L & T at US$ 19.80, Mah & Mah at US$ 9.43 and Telco at US$ 7.95. In the beginning of the week as the hopes of early resolution of Kargil crises the Skindia GDR Index moved up by 64.28 points, but as the week progressed the trading activity slowed down as the confusion prevailed over if Pakistan would keep its commitment to resolve the problem. Thus the Skindia GDR Index ended the week with a rise of 64.60 points and the BSE Sensex with 181.89 points. During the week the GDRs on an average gained 6.90% and the shares 11.51%. The GDRs from the auto sector were the top gainers with an appreciation of 14.24% followed by cement and power sectors by 12.87% and 11.86%. Pharma sector was the only loser by 0.45%. In shares riding on the back of rising prices aluminium sector was the top gainer advancing 21.64%, followed by cement and auto moving up by 18.46% and 16.52%. Corporate News Reliance declared its results on July 08 for the first quarter of the financial year 1999-2000. It has recorded a net profit of Rs 510 a gain of 16.50% over the first quarter of previous year. As the results were as per the market expectation the stock price fell on both the GDR and domestic bourses. In the GDRs the price of Reliance fell to US$ 11.05 a fall of 5.35% over the previous day and the share declined to Rs 180.60 falling 2.25%. Infosys on the other hand made a new all time high of US$ 68.00 on the NASDAQ on expectations of good first quarter results. It closed at US$ 65.88 gaining 10.95% over the previous closing.

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