Business Daily from THE HINDU group of publications
Monday, Aug 06, 2007
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Business Daily from THE HINDU group of publications Monday, Aug 06, 2007 ePaper |
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Stock Markets Markets - Stock Markets Columns - ADR Watch K.S. Badri Narayanan
The US and Indian stocks ended on a negative note amid volatility. According to Bloomberg, the Standard & Poor’s 500 Index saw its steepest three-week decline since 2003, on deepening concern that mortgage losses will hurt bank earnings and reduce the pace of takeovers. For the week, the S&P 500 retreated 1.8 per cent to 1,433.06 and the Dow Jones Industrial fell 0.6 per cent to 13,181.91, while the Nasdaq Composite Index slid two per cent to 2,511.25. Continuous selling by FIIs shook the confidence in Indian markets; the BSE Sensex and the Nifty ended in the red during a week of high volatility on global worries. The BSE plummeted by 615.22 points, registering the third biggest fall on August 1. It finished the week down by 0.63 per cent while the NSE’s S&P CNX Nifty shed 0.98 per cent. None of the Indian ADRs ended in positive territory, though Satyam Computer was able to finish just a shade below at $26.1 against the previous week’s close of $26.15. On July 31 the company announced that it had signed two multimillion-dollar contracts to support FIFA and its major forthcoming events. Selling pressure hit the performance of other infotech ADRs – Infosys (five per cent), Wipro (5.9 per cent) and Patni Computers (8.3 per cent). MTNL saw the biggest decline of 9.4 per cent to $6.55 ($7.23). The company posted a drop in net profit for the quarter ended June to Rs 110.90 crore (Rs 118.28 crore), while total income decreased to Rs 1,280.04 crore (Rs 1,351.35 crore). VSNL also finished negative at $20.69 ($22.2), a drop of 6.8 per cent despite the company announcing that it had posted higher net of Rs 104.16 crore (Rs 88.10 crore) and total income of Rs 1,035.45 crore (Rs 951.27 crore) for the quarter.
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