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December 19, 1998

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Skindia Index down 8 pc, 524.49 points; cement, pharma sectors gain

The Skindia GDR Index dipped sharply by 45.37 points or 7.96 per cent to 524.49 points from 569.86 of the previous week during the week ended December 17.

Interestingly, none of the other financial and currency markets were affected by the US strike. In fact, they ended on a positive note. But the insurance imbroglio hit the Indian market sentiments.

Overall, the 60 global depository receipts or the GDRs, on an average lost 3.04 per cent and the shares 3.12 per cent.

In GDRs, only the pharma and cement sectors gained, up 2.24 per cent and 1.83 per cent respectively. The top losers were telecom, hotel and aluminium sectors which dropped 9.02 per cent, 8.37 per cent and 7.20 per cent respectively. The steel sector remained unchanged.

In shares, cable and cement segments rose 3.31 per cent and 1.08 per cent respectively while the top losers were aluminium, hotel and pharma sectors which declined by 8.60 per cent, 5.06 per cent and 4.69 per cent respectively.

However, the pharma sector has not been keeping very well in the period beginning October. The GDRs of the pharma sector on an average lost 6.22 per cent with an average daily loss of 0.06 per cent.

The performance of the Skindia GDR Index in the same period has been even worse, down 8.91 per cent with an average daily loss of 0.15 p.

In GDRs, Ranbaxy is the major loser declining 9.87 per cent to $ 7.83 (ex-bonus) followed by Core Healthcare losing 7.69 per cent to $ 0.30. Dr Reddy's declined by 4.35 per cent to $ 11 and Wockhardt by 2.99 per cent to $ 6.50.

In shares, the average decline was 5.84 per cent with a daily average loss of 0.04 per cent as compared to a loss of 7.67 per cent in the BSE Sensex, making a daily average loss of 0.13 per cent. The major loser was Wockhardt losing 13.93 per cent to Rs 255.10, Dr Reddy's 9.72 per cent to Rs 445.75, Core Healthcare 9.70 per cent to Rs 13 and Ranbaxy 9.41 per cent to Rs 259.20 (ex-bonus).

During the week, the GDR index premium declined by 7.81 per cent to 14.73 while GDR index premium crashed by 26.99 per cent to 13.47 per cent. Eight GDRs gained, 31 lost and 21 remained unchanged.

Top gainers in GDRs during the week: Flex Industries with 7.69 per cent gain to $ 0.35, Sanghi Polyesters 7.14 per cent to $ 0.38 and India Cements 6.67 per cent to $ 0.80. The top losers were East India Hotels, down 12.73 per cent to $ 4.80, MTNL 12.39 per cent to $ 10.08 and BSES Limited, down 11.30 per cent to $ 11.98.

Top gainers in shares were Crompton Greaves, up 14.60 per cent to Rs 42, Usha Beltron 8.74 per cent to Rs 63.45 and Raymond Woolen 5.13 per cent to Rs 83.05. Top losers were Indo Rama, down 14.67 per cent to Rs 6.40, Core Healthcare, down 11.56 per cent to Rs 13 and Indian Aluminium, down 10.46 per cent to Rs 74.05.

UNI

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