The Hindu Business Line : Satyam Computer, VSNL hit 52-week highs

DESPITE terrorist attack in London (this time a minor one compared to 7/7 attack) and China's revaluation of yuan by 2.1 per cent, the US markets climbed further albeit marginally. On the back of the US Federal Reserve Chairman, Mr Alan Greenspan's comments that the economy can sustain its expansion, the Dow Jones Industrial Average added 0.1 per cent to 10,651.18 and the S&P's 500 gained 0.5 per cent to 1233.68. According to Bloomberg data, both these indices had their longest weekly winning streak since September. The Nasdaq rose 1.1 per cent to 2179.74.

Continued heavy FIIs' inflows coupled with a host of positive factors sent the Sensex over the psychological 7400-level - first time in its history - and to the life-time closing peaks of 7423.25, a gain of 2.09 per cent over the week. On the NSE, the S&P CNX Nifty soared 2.4 per cent to close the 2265.60.

The strong show by the domestic market has had a positive impact, as except Satyam Infoway, all the other ADRs surged. Leading the gainers' list were Satyam Computer and VSNL, both registered their 52-week highs, surging 11.7 per cent and 8 per cent respectively.

Satyam posted an increase in PAT at Rs 206.04 crore (Rs 173.48 crore) for the quarter ended June 30. 2005. It also raised its EPS forecast to Rs 27.44 for the year ending March 2006 against its earlier projection of Rs 27.30. Apart from these, the company also announced buying of the Singapore-based Knowledge Dynamics Pte. All these had a positive impact on Satyam counter.

Wipro, which also declared that the group's first quarter net profit surged to Rs 428 crore (Rs 356 crore) - though slightly lower than expected, gained about 5 per cent to $21.2 ($20.21).

Infosys Technologies, the weakest gainer among the tech pack by 2.89 per cent, announced that its head of global sales, Mr Basab Pradhan has left to start his own company.

VSNL continued its upward momentum; it announced its foray into the media and entertainment sector through a strategic tie-up with the Paris-based Thomson group.

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