During the week, 65 GDRs declined a marginal 0.93 per cent and the shares depreciated 2.32 per cent. The GDR market witnessed 12 gainers and saw 20 losers while the rest 33 remained unchanged. In the GDR market VSNL was the top gainer recording a rise of 13.46 per cent while ICICI saw a gain of 9.74 per cent and MTNL a gain of 9.23 per cent. The top losers are JCT which recorded a loss of 25 per cent. Century Textiles saw a loss of 20 per cent and Ashok Leyland witnessed a fall of 13.73 per cent.

According to Skindia, the GDR index touched an all time low of 571.72 on June22.

The index declined 33.29 per cent with an average daily loss of 0.58 per cent during the first quarter for the financial year 1998-99. During this period, 65 GDRs had a annualised return of -15.64 per cent. GDRs of Ino-Gulf and Videocon International provided positive annualised return of 17.74 per cent and 10.38 per cent respectively during this period.

Among the industries, no sector provided positive returns. The auto sector was the top loser with -35.68 per cent annualised returns. Other top losers were hotel with -27.51 per cent and telecom with -26.54 per cent.

The Skindia GDR index P/E multiple was quoting at 14.83 on July 2 as compared to 15.66 the previous week. The GDR index premium was at 12.35 per cent this week which was much higher than the index premium of 10.29 per cent last week.

Oriental Hotels GDR was quoting at a huge premium 265.14 per cent in the GDR market over its underlying shares in the local market.

GDRs of Flex Industries and JK Corp were trading at a premium of190.45 per cent and 176.62 per cent respectively over their underlying shares in the local market.

Telecom, cable and fertiliser sectors were the top gainers in the GDRs and the underlying shares. The auto sector was the top loser in the GDR market followed by aluminium, pharma and hotels.