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Instanex Skindia replaces L&T GDR

Our Bureau

Mumbai , July 12

THE Instanex Skindia DR Index has replaced the old Larsen & Toubro GDR - one GDR equivalent to two shares of face value Rs 10 each - with the new L&T GDR, with one GDR equivalent to one share of face value Rs 2, following the demerger of L&T's cement business.

The change will be reflected in the Instanex Skindia DR Index and Constituents Report, said a release from Instanex Capital Consultants, which manages the Index for New York-based Instanex Capital, which owns the Index.

This report displays the value of the Instanex Skindia DR Index along with weights of its constituents.

It also provides other details of the Index and constituents including EPS and P/E.

There has been no change to the methodology, which continues to use free float market capitalisation - the first Index to employ this in February 2000, said the release.

The Instanex Skindia DR Index closed at 838.41 on July 9, 2004. Its P/E was 14.92 and its premium to local prices was 17.26 per cent. The Index has lost 22.42 per cent since the beginning of the year and gained 32.81 per cent since the close of July 9, 2003.

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