SKINDIA INDIAN GDR MONITOR
Volume VI No 42	Oct 15-Oct 21, 1999	22-Oct-99

Markets take an about turn : After a positive rally in the past few weeks, the GDR markets turned bearish this week pushing the Skindia GDR Index down by 4.13%. On friday Oct 15 the Skindia GDR Index lost 42.21 points while the BSE Sensex shed 191.37 points. Although the markets tried to recover in the next few days the onslaught by the bear operators and the consistent profit booking by the funds in the domestic bourses did not let the markets recover. As per the figures reported by SEBI the FIIs have been net sellers to the tune of over 100 mil so far this month. With positive expectations from the recovering economy, improved production and sales of key industries, a pro reform government in place and upgradation of moody's outlook on India's debt rating already discounted, the market players seem to be either booking profits or staying on the sidelines. Volatility in the international markets in the recent days also dampened sentiments. Over the week the Skindia GDR Index lost 39.15 points while the BSE sensex lost a massive 238.48 points. During the week the average premiums of the 63DRs went up to 4.15% on Oct 21 from 2.82% on Oct 14 & the average Over the week the 63 DRs on an average gained 1.73% whereas the underlying shares gained a marginal 0.04%. In DRs steel sector was the top gainer appreciating 26.84% followed by textile & fertiliser sectors, gaining 9.20% and 6.08% respectively. The top loser was the Finance sector depreciating 7.56% followed by IT sector losing 4.77% & aluminium sector losing 4.13% On the other hand in the underlying shares the top three gainers were the fertliser, telecom & steel sectors rising 8.69%, 5.90% & 3.03% respectively. The top three losers were pharma, IT & cables sectors losing 7.55% , 5.50% & 4.15% respectively. 'Sify ' on NASDAQ - Satyam Infoway became the third company to trade on wall street this week. On October 19, the very first day of its trading on NASDAQ it notched a substantial premium over its debut listing price of $18 per ADR. And on the same day after touching a high of $47.06 it settled at $35.87. On day 2 also the scrip was ruling at $ 42.18 after touching a low of $38.25. RPL gets NYSE sign - Reliance Petroleum Ltd has been allotted the trading symbol 'RPL' on NYSE. The company is believed to be toying with the idea of converting its recently listed GDRs into more liquid ADRs. The GDRs were created through the conversion of $100m outstanding FCCBs. The GDRs were listed at $23 each.

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