Financial Daily from THE HINDU group of publications
Monday, Jun 05, 2006
Financial Daily from THE HINDU group of publications Monday, Jun 05, 2006 |
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Markets
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Stock Markets Columns - ADR Watch K.S. BADRI NARAYANAN
Indian and the US equities witnessed divergent trends with former losing sharply following the heavy sell-off from foreign institutional investors; the US stocks, however, regained strength following a job report that eased rate hike concerns. In the crossfire, majority of Indian ADRs preferred to stay on sidelines. However, Dr. Reddy's Lab, MTNL and VSNL witnessed a steep fall. VSNL has been in negative trend ever since it lost is legal battle in the International Court of Arbitration against Reliance Communications-owned FLAG system on international bandwidth. It was the biggest loser last week by nine per cent at $17.06 against the previous week close of $18.91. Dr. Reddy's Lab declined 7.2% at $28.45 ($30.67); it posted a reduced loss for the fourth quarter of last fiscal at Rs 23.6 crore against a net loss of Rs 52 crore reported during the same period last year. Only Satyam Computer and Wipro ended the week in positive zone, albeit marginally on the back of weakening rupee against dollar. Infosys Technologies and Patni Computers though ended a tad weak, they recovered sharply from intra-week low levels. While the former ended at $71.41 ($71.5), the latter closed at $15.49 ($15.52). Tata Motors also recovered sharply from intra-week low levels to end at $17.42 ($17.75) after the company said that May sales rose 45 per cent. Banking counters - HDFC Bank and ICICI Bank - finished with marginal losses. HDFC Bank closed at $55.2 ($55.49) while ICICI Bank ended at $27.2 ($27.5). Internet counters Sify and Rediff.com also finished on weak note at $10.37 ($10.47) and $15.467 ($16.07) respectively. On the premium/discount front, there was not much change for majority of the counters.
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