Similarly, the Skindia premium index nosedived by 11.55 per cent to close at a low of 14.84 per cent on April 22. However GDRs of Crompton Greaves, SPIC and Century Textiles continued to be traded at a huge premium to their underlying stocks. ADRs of Infosys Technologies whch were issued at a price of $ 34 on March 11 has also been trading at a premium of 28.44 per cent to its underlying stock. However its premium has fallen from a high of 38.44 per cent on the issue date to a low of 28.44 per cent on April 22.

During the period between April 15-22, the Skindia GDR index moved in the band of 610 points to 595 points, to finally close at 607.15 points registering a net recovery of 1.15 per cent. According to researchanalysts at Skindia Finance the recovery was triggered off by the clearance of the budget on Wednesday.

"Only the much awaited passage of the budget 1999-2000 managed to push the Skindia GDR index up by 10.13 points and the Sensex by 51.62 points," said Skindia Finance research analyst, Manish Gupta.

During the week there was not much change in the average spreads of the 39 most actively traded depository receipts. It was 8.63 per cent on April 15 as compared to 8.72 per cent on April 22.

Interestingly, the GDRs of Sail registered a massive recovery of 28.57 per cent. Sail closed at $2.48 on April 22. Among cyclical stocks Hindalco maintained its rise at the GDR market also, with its GDR closing at $14.75 registering a net gain of 16.83 per cent.

Depository receipts of steel sector were the highest gainers during the week registering an average appreciation of 14.29 per cent followed by aluminium with 13.52 per cent gain.

However GDRs of cement, Infotech and fertiliser sector witnessed huge sellingpressure with the net effect that these sectors registered losses to the tune of 7.34 per cent, 4.34 per cent and 4.22 per cent respectively. Among the pharma stocks Core Healthcare GDR touched a new 52 week high of $0.50 on March 31 and continued to trade at these levels during the week ended April 22.