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Skindia index down 33 points to 618.90

The Skindia Global Depositary Receipts index declined by 33.97 points to 618.90 points during the week ended April 8 due to political uncertainty at Centre.

During the week there was not much of a change in the average spreads of the 39 most actively traded depositary receipts. It was 9.29 per cent on April 8 as compared to 9.24 per cent on March 31. The average premiums of the 63 DRs zoomed up to 6.28 per cent on April 8 from 3.01 per cent on March 31. This rise in the premium was largely due to the 0.54 per cent depreciation in the value of Indian rupee against US dollar.

Sixty-three DRs declined by 3.21 per cent and shares by 5.84 per cent. In the GDRs, auto sector was the major loser falling by 8.52 per cent followed by steel which fell by 4.89 per cent and telecom, falling by 4.14 per cent.

Cable, power and IT sectors were the only gainers rising by 3.41 per cent, 2.85 per cent and 0.48 per cent respectively in shares. Cement with a decline of 9.57 per cent was the top loser followed by pharma and steel, losing by 8.75 per cent and 8.39 per cent respectively. Power sector on the back of notification by the ministry of delinking of rate of return from the bank rate, was the only gainer in shares with an appreciation of 0.21 per cent.

GDR premia, which are a function of change in prices of GDRs, underlying shares and the change in the value of Indian rupee against the US dollar, on an average for the period of financial year 1998-99, were at the 1.37 per cent for the 61 GDRs. Orient Hotels had the highest average premium of 42.22 per cent. NEPC India had the second highest of 35.39 per cent and MTNL with a premium of 27.10 per cent was third.

UNI

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