IPCL to move out of Skindia GDR Index

PRESS TRUST OF INDIA

Mumbai, Jan 1: The Skindia Global Depository Receipts (GDR) Index will now comprise 17 companies which represent 85.56 per cent of the total market cap for the 60 companies. The securities in the index are Bajaj Auto, BSES, EIH Hotels, Grasim, Gujarat Ambuja, Hindalco, Indian Hotels, ICICI, ITC, L&T, Mahindra & Mahindra, MTNL, Ranbaxy, Reliance, State Bank of India, TELCO and VSNL. The outgoing company is IPCL, the Skindia Finance release said.

In accordance with the entry-exit criteria recommended for the selection of the index set, the above changes will come into effect from January 4, 1999. The Skindia GDR index was revamped on August 14, 1998, with a base January 3, 1995 = 1000. With no fixed number of securities, the dynamic index set is reviewed every quarter to reflect the changes in the GDR market. The index was 595.89 on December 30, 1998, the last trading day of GDRs for the year 1998.

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