• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

The cautious US markets ended last week on a positive note. The Dow Jones Industrial Average gained 0.75 per cent, the technology-heavy Nasdaq surged 1.8 per cent and the broader S&P-500 moved up 1.58 per cent. Thanks to positive global cues, the domestic markets too gained. The BSE Sensex added another 2.4 per cent, while the NSE’s S&P CNX Nifty jumped 3.23 per cent.

Sify hogged the limelight last week, as the ADR jumped 49 per cent to end at $0.91 against the previous week close of $0.61. In fact, it touched an intra-week high of $1.43 on March 18, but tumbled from there to end below the $1-mark.

Sify recently announced that it would team up with Microsoft MSFT to provide e-learning tutorials on Microsoft Office applications. “The courses will eventually be available across all of Sify’s cafes, but immediate trials will take place first in Delhi, where demand for such services should be the strongest,” according to Morningstar report.

The other star performers were Sterlite Industries (14.2 per cent) and Tata Motors (13.6 per cent). Thanks to firm metal prices in LME, the Sterlie ADR jumped. The impending launch of Nano buoyed the sentiment for Tata Motors. Nano, said to be the world’s cheapest car, would be launched on Monday.

Despite appreciation of rupee against the greenback, Indian IT majors ended the week with gains. While Infosys Technologies moved up 2.3 per cent, Wipro surged 5.8 per cent and Patni Computers jumped 4.4 per cent. Satyam Computer, which saw interest from L& T, Tech Mahindra and the B K Modi-led Spice Group for a potential takeover, slumped 12.8 per cent at $1.56 ($1.79).

It was mixed show by banking majors. While ICICI Bank finished the week on a higher note at $12.54 ($11.79), HDFC Bank slipped 2.9 per cent at $51.66 ($53.19).

Dr. Reddy’s Lab was among major losers, whose ADR tumbled 5.5 per cent at $8.05 ($8.52). The company said that it has realigned its global generics finished dosages strategy to focus on certain key geographies and would gradually exit some of the very small distributor-driven markets.

More Stories on : Commentary | ADR Watch

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line