The Hindu Business Line : Satyam Computer price, premium jump

IT was a mixed bag for the US markets; while the Nasdaq gained on the back of strong financial performance by Google, the Dow Jones Industrial Average and the S&P 500 declined due to lower profit guidance from Pfizer Inc and on weak energy stocks. The S&P 500 lost 0.6 per cent and the Dow Jones slipped 0.7 per cent while the Nasdaq edged up 0.8 per cent.

For the domestic market, the slowdown in FII investments and the gaining dollar seemed to have affected the sentiment. Amidst volatile conditions, the BSE Sensex tumbled 1.62 per cent at 8068.95 and the NSE's S&P CNX Nifty declined 1.63 per cent at 2443.75.

Among the ADRs, Satyam Computer recorded sharp gains and its premium also widened with respect to its underlying equity. The company reported a 34-per cent jump in net profit for the quarter ended September 2005. After touching a 52-week high of $32.77, the ADR closed the week at $32.64 against the previous week close of $29.56 and now trades at a premium of 23.8 per cent (16.21 per cent) against BSE closing price. While Infy finished in the red at $68.87 ($71.02), Wipro ended flat at $10.15 ($10.16).

HDFC Bank and Dr. Reddy's Lab ended on weak note at $44.99 ($46.21) and $18.32 ($19.66) respectively while others ended with a little difference. However, Rediff.com, which is scheduled to announce its Q2 performance on October 24, closed on a firm note at $15.12 ($13.85).

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