Business Daily from THE HINDU group of publications
Monday, Oct 15, 2007
ePaper
Business Daily from THE HINDU group of publications Monday, Oct 15, 2007 ePaper |
|
|
|
|
|
|
|
Markets
-
Commentary Columns - ADR Watch The US benchmarks continued their winning streaks for a fifth straight week – according to Bloomberg, it is the longest stretch of gains since May – on better-than-expected retail sales. The S&P’s 500 Index climbed 0.3 per cent to 1,561.80, completing the longest winning streak since the seven- week period ended May 18. The Dow Jones Industrial Average gained 0.2 per cent to 14,093.08. Both benchmarks closed at records on October. 9. The Nasdaq Composite Index gained 0.9 per cent to 2,805.68. Back home, thanks to foreign institutional investors’ confidence in emerging markets, particularly India, the BSE Sensex and the NSE’s S&P CNX Nifty maintained their ‘high’ momentum. The former gained 3.63 per cent while the latter jumped 4.67 per cent. On ADRs front, tech counters turned weak following Infosys results while HDFC Bank made sharp gains on its Q2 financial performance. However, the biggest gainers were VSNL (14 per cent) and Sterlite (12.4 per cent) while the biggest loser was Dr Reddy’s Lab. Despite coming out with decent numbers – it clocked a net profit growth of 18.4 per cent year-on-year and 1.9 per cent Q-o-Q – Infy took a knock at the bourses as investors were hoping for much higher performance. While the Infosys ADR declined 1.5 per cent week-on-week, the underlying stock tumbled three per cent. Satyam ADR dropped three per cent while Patni Computers and Wipro finished in a positive territory. The HDFC Bank ADR moved up five per cent after it posted 40-per cent jump in net profit for the quarter ended September 30. Premium moved up for most of the ADRs vis-À-vis last week though Wipro saw its premium declining from 30.12 per cent to 24.98 per cent. More Stories on : Commentary | ADR Watch
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|