The Hindu Business Line : Price, premium jump

It was one of the best weeks for the US markets as the major benchmarks, particularly the tech-focussed Nasdaq, scored handsome gains. It was a historic week for the domestic market too, as the BSE Sensex and the NSE S&P Nifty finished at all-time levels though they opened last week on a shaky note.

Indian ADRs displayed firm trend as, except Sify, other counters recorded sharp gains and also saw their premium widening sharply with respect to their underlying equities. In fact, Infosys, Satyam Computer, HDFC Bank and ICICI Bank all recorded their new 52-week highs during the week.

Infosys, which declared its Q3 result in line with market expectations, finished firm at $58.06 against its previous week's close of $55.14. Satyam Computer at $24.53 ($23.85), Wipro at $16.83 ($15.86) and Patni Computer at $20.82 ($19.8085) also finished on firm note.

HDFC Bank, which announced a 30-per cent rise in its Q3 net profit, and ICICI Bank stole the limelight following the Union Cabinet decision to give more leeway on statutory liquidity ratio. While the former gained 6.5 per cent, the latter moved up by 7.3 per cent.

However, the week's biggest gainer was MTNL. The counter scored a handsome gain of over 10 per cent at $7.25 ($6.54).

Thanks to Indian ADRs' strong show, Infosys' premium widened to 16.08 per cent (7.40 per cent), HDFC Bank's 8.6 per cent (2.58 per cent), Patni Computers' 12.19 per cent (9.28 per cent), Satyam Computer's 9.91 per cent (5.36 per cent) and Wipro's to 19.42 per cent (17.35 per cent).

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