Financial Daily from THE HINDU group of publications
Monday, Apr 15, 2002
Financial Daily from THE HINDU group of publications Monday, Apr 15, 2002 |
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Markets
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Stock Markets Columns - ADR Watch Results fail to lift Infosys in big way K.S. Badri Narayanan
THE good financial performance of Infosys for the year-ended 2001-02 helped its ADR gain marginally at the US markets during the week gone by. Further, the software consulting firm has forecaste18-20 per cent growth in its topline for the current fiscal, enthralling market participants. After initial euphoria, the ADR settled to close the week marginally ahead at $68.98 ($66.37) and trades at a premium of 73.70 per cent to the domestic equity. In the domestic market, the Infosys Technologies stock finished at Rs 3,884.25 (Rs 3,626.80). During last weekend, the ADR was trading at a premium of 73.70 per cent. Both the US and the Indian markets moved in a range though the domestic markets ended the week on a slightly better note. The Dow Jones Industrial Average closed at 10,190.82 (10,271.64) and the tech-focussed Nasdaq at 1756.19 (1770.03). On the other hand, the BSE Sensex closed the week at 3510.90 (3500.57) and the broader S&P CNX Nifty at 1146.50 (1141.95). The feel-good factor infused by Infosys results seemed to have died down immediately for the other infotech ADRs as well. While Satyam Computer finished the week marginally better at $12.10 ($12.06), Wipro and Silverline Technologies closed weak at $36.50 ($36.65) and $1.80 ($1.87) respectively. Premiums in these counters did not see much deviation. Both, Satyam and Wipro, on the domestic markets, finished on a firm note at Rs 276.40 (Rs 258.60) and Rs 1747.20 (Rs 1726.50) respectively. ICICI Bank and ICICI, which recently got the Mumbai High Court nod for their merger, closed on divergent notes. While ICICI Bank finished firm at $6.20 (6.06), ICICI closed weak at $7.69 ($7.84). ICICI Bank ADR now trades at a premium of 22.76 per cent (19.62 per cent) and ICICI at 23.20 per cent (22.91 per cent). Telecom majors, VSNL and MTNL, finished on a mixed note. While VSNL closed at $7.39 ($7.32), the MTNL ADR ended weak at $5.9 ($6.15). The counters currently trade at a discount of 2.35 per cent (3.31 per cent) and 2.32 per cent (2.23 per cent) respectively. Other counters also remained range-bound, on both the markets.
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