The Hindu Business Line : Infy, Satyam slide; Wipro gains

THE big-ticket companies' - General Electric, Intel Corp and Citigroup Inc - disappointing quarterly results and rising crude price above $68 a barrel inflicted a fresh nervousness among the traders in the US market. The Dow Jones Industrial Average slumped 2.7 per cent to 10,667.39 while the S&P-500 retreated 2 per cent to 1261.49. But the biggest loser was Nasdaq, which slid by 3 per cent to 2247.70

However, the domestic market witnessed a roller-coaster ride amid volatile condition. The BSE Sensex after dipping to a low of 9158.44 during the earlier part of the week, witnessed a smart turnaround to finish the week with a gain of 1.57 per cent at 9520.96. The NSE's S&P CNX Nifty also witnessed similar trend.

But it was a mixed week for the ADRs. While Infosys, Satyam Computer, ICICI Bank and HDFC Bank finished in red, counters such as Tata Motors, VSNL and Wipro ended on positive note.

Satyam Computer, which announced a better-than-expected results, finished the week 3.5 per cent lower at $36.95 ($38.27). Infosys, which has been witnessing a selling pressure ever since it announced its quarterly performance last week, also finished lower at $73.1 ($73.45). Satyam said that its Q3 net profit was more than doubled, boosted by the sale of shares in Sify Ltd.

ICICI Bank Ltd, the other company which announced better financial performance, also closed in the red at $29.6 ($29.9). It announced that its Q3 profit rose 24 per cent. Meanwhile, the bank also said that it is seeking a Singapore licence that would allow it to offer services in that country.

However, Wipro was able to finish in the green at $13.32 ($12.19). It announced strong December quarter results with revenue growth of 33 per cent and earnings growth of 25 per cent.

Tata Motors hit its new 52-week high at $14.9 during the week before closing at $14.59 ($14.77) on expectations of better performance after Maruti Udyog announced strong numbers. Tata Motors is scheduled to announce its Q3 numbers on January 31.

Reports that Left parties plan to oppose the Government move to divest the remaining stakes in five companies including VSNL seemed to have affected the company. The VSNL ADR though finished the week a tad better at $17.02 ($16.95), it fell from the intra-week high of $17.20.

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