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GDR
A global depository receipt or global depositary receipt (GDR) is a certificate issued
by a depository bank, which purchases shares of foreign companies and deposits it
on the account. GDRs represent ownership of an underlying number of shares.
Global depository receipts facilitate trade of shares, and are commonly used to
invest in companies from developing or emerging markets.
Prices of global depositary receipt are often close to values of related shares, but
they are traded and settled independently of the underlying share.
Several international banks issue GDRs, such as JPMorgan Chase, Citigroup,
Deutsche Bank, Bank of New York. GDRs are often listed in the Frankfurt Stock
Exchange, Luxembourg Stock Exchange and in the London Stock Exchange, where
they are traded on the International Order Book (IOB). Normally 1 GDR = 10 Shares,
but not always. It is a negotiable instrument which is denominated in some freely
convertible currency. It is a negotiable certificate denominated in US dollars which
represents a non-US Company's publicly traded local equity.
Characteristics of GDRs:
1. It is an unsecured security
2. A fixed rate of interest is paid on it
CMP(US$
)
0.95
Chg(US$)
0.08
Chg(%
)
8.7
3.10
2.15
41.11
45.00
0.00
0.09
0.04
0.21
0.05
0.00
3.0
1.9
0.5
0.1
0.0
9.16
34.18
8.94
8.86
28.83
18.40
42.68
[0.01]
[0.23]
[0.09]
[0.14]
[0.46]
[0.30]
[0.79]
[0.1]
[0.7]
[1.0]
[1.6]
[1.6]
[1.6]
[1.8
CMP(US$) Chg(US$)
Chg(%
)
34.18
[0.23]
[0.7]
GAIL (G)
41.13
0.45
1.1
57.92
[0.41]
[0.7]
45.00
0.05
0.1
42.68
[0.79]
[1.8]
2,441.21
[15.05]
[0.6]
ITC (G)
5.14
[0.06]
[1.2]
L & T (G)
29.74
[0.63]
[2.1]
17.06
0.02
0.1
9.64
[0.05]
[0.5]
Reliance (G)
31.55
[0.20]
[0.6]
2.64
0.00
0.0
92.54
1.04
1.1
8.86
[0.14]
[1.6]
9.16
[0.01]
[0.1]
28.83
[0.46]
[1.6]
Industry
PHARMACEUTICALS
BANKS
COMPUTERS - SOFTWARE
AUTOMOBILES - 4
WHEELERS
ADR GD
R
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
52 week
Mkt cap
P/E
Div/yield
EPS
Shares
Beta
Inst. own
Quarterly
Returns
Q1
Q2
Q3
Q4
NYSE: ADR
27.28 - 35.16
5.85B
20.14
0.25/0.72
1.71
169.83M
1.12
13%
NYSE
NSE
1,526.40 1,927.00
324.54B
20.33
13.75/0.72
93.99
169.83M
NSE
11.9%
-15.2%
3.9%
10.7%
6.3%
-8.7%
-1.5%
14.5%
Dr. Reddys laboratories ltd. has recovered in Q412 if compare returns on quarterly
basis on both exchanges. However, on comparing daily returns there is not much of
a correlation between the two. ADS price has been following the movement on NSE
but not the magnitude of the movement.
Here is a correlation summary:
Correlati
on
NYSE
Change
%
NSE
Change
%
NYSE
Change%
NSE
Change %
100%
17%
100%
Quarterly
Returns
Q1
Q2
Q3
Q4
NSE
-
1,173.70 1,187.90
767.40 1,188.00
1,178.25
3.60M
27.50 45.89
0.00/1.31
M
25.59B
22.91
0.57/1.29
1.94
576.44M
2.1
27%
NYSE
1.36T
39.22
16.50/1.40
30.1
1.15B
-
NSE
14.9%
-9.5%
23.9%
10.0%
14.1%
1.0%
18.4%
12.3%
NSE
Change
%
100%
12%
100%
Infosys Ltd
Range
NYSE: ADR
42.44 - 43.00
52 week
37.93 - 60.86
Open
Vol / Avg.
Mkt cap
P/E
Div/yield
EPS
Shares
Beta
Inst. own
42.44
1.31M/1.89M
24.41B
13.81
-/1.47
3.09
571.40M
1.21
15%
NYSE
Quarterly
Returns
Q1
Q2
Q3
Q4
NSE
2,323.30 2,361.80
2,060.55 2,994.00
2,340.20
768,746.00
1.33T
14.25
15.00/1.59
163.56
571.40M
NSE
10.0%
-21.5%
6.9%
-14.0%
10.3%
-12.6%
4.8%
-9.1%
Infy has didnt do well in Q412 if compare returns on quarterly basis on both
exchanges. However, on comparing daily returns there is not much of a correlation
between the two. ADS price has been following the movement on NSE but not the
magnitude of the movement.
Here is a correlation summary:
NYSE
Change%
NYSE
Change%
NSE Change
%
NSE
Change
%
100.00%
-3.37%
100.00%
Range
NYSE: ADR
42.44 - 43.00
52 week
37.93 - 60.86
Open
Vol / Avg.
Mkt cap
P/E
Div/yield
EPS
Shares
Beta
Inst. own
42.44
1.31M/1.89M
24.41B
13.81
-/1.47
3.09
571.40M
1.21
15%
NYSE
Quarterly
Returns
Q1
Q2
Q3
Q4
NSE
1,173.70 1,187.90
767.40 1,188.00
1,178.25
3.60M
1.36T
39.22
16.50/1.40
30.1
1.15B
NSE
36.5%
-21.0%
16.9%
9.6%
54.9%
-16.2%
24.0%
8.2%
NSE
Change
%
100%
-1.72%
100%