• 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

As the US economy displayed signs of recovery, the stock markets gained for the fourth week in a row. Besides, G-20 commitments to IMF also buoyed sentiment across the globe. The S&P 500 climbed 3.3 per cent and the Dow average added 3.1 per cent and closed above the psychological 8,000-mark. The tech-focussed Nasdaq jumped 5 per cent.

Thanks to strong global cues, the benchmark BSE Sensex maintained its momentum for the fourth straight week. It gained about 3 per cent while the broader S&P CNX Nifty on the National Stock Exchange moved up by 3.29 per cent.

Among the ADRs, Satyam Computer and Tata Motors hogged the limelight by gaining 20 per cent each. Satyam Computer Services Ltd is likely to announce the possible buyer on April 13, the deadline for submitting financial bids.

Satyam’s government-appointed board has been looking for a buyer to take a 51-per cent stake to inject much-needed funds into the company, whose finances were left in shambles by India’s biggest corporate fraud. The company said it would open the bids on April 13 and announce the winner the same day. Larsen & Toubro and Tech Mahindra Ltd are two confirmed bidders. Reports also suggest that there are a few more, including a US private equity firm headed by billionaire investor Wilbur Ross, Cognizant Technology Solutions, IBM and KKR Financial Holdings are in the race.

Tata Motors, which launched the world’s smallest car Nano the previous week, gained on the back of higher sales numbers reported by the company. Commercial vehicles sales in March 2009 were 24 per cent higher than that in February but 19 per cent lower than March 2008.

Dr Reddy’s Lab was the other big gainer, whose ADR jumped 14.7 per cent at $10.23 ($8.92) while Wipro surged 14.2 per cent at $8.45 ($7.4). The other IT major Infosys Technologies, which is scheduled to announce its full year and fourth quarter financial performance on April 15, also jumped 12.2 per cent at $29.06 ($25.91).

Banking majors ICICI Bank and HDFC Bank also gained 4.5 per cent and 10.7 per cent respectively on the back of positive global sentiment towards the banking and financial sector.

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