Business Daily from THE HINDU group of publications
Monday, Dec 24, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Dec 24, 2007 ePaper | Mobile/PDA Version |
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Markets
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Commentary Columns - ADR Watch
It was divergent show displayed by the US and the domestic markets with the former recovering smartly on the back of some positive corporate results. Selling by foreign institutional investors weakened the Indian markets, which tumbled over four per cent. However, it was mixed trend for the Indian ADRs. After remaining on slippery turf for more than six months, the information technology sector made strong comeback. Leading the pack was Infosys Technologies, which gained 6 per cent at $45.14 against the previous week’s close of $42.59. Patni Computers followed it with a gain of 4 per cent at $17.38 (16.71), Wipro 3.8 per cent at 15.05 ($14.05) and Satyam Computer moved up by 2.5 per cent at $27.19 ($26.53). The week’s biggest gainer was VSNL. The ADR jumped 12.8 per cent at $36.8 ($32.62) after the company announced that it is constructing a new TGN Eurasia Cable System linking Mumbai directly to Paris, London and Madrid via Egypt. The new cable system is being built in partnership with SEACOM and Telecom Egypt (TE), and will provide VSNL with 1.28 terabit of new capacity on this route during 2009. The other ADRs closed in the red with Sterlite being the biggest loser of 6.7 per cent at $24.16 ($26.37) followed by Sify, 6.24 per cent at $5.26 (5.61). Banking counters – HDFC Bank and ICICI Bank – ended with a loss of 1.6 per cent and 2.9 per cent respectively. There were not much deviations on the premium front with respect to the respective spot closes though Satyam ADR’s premium fell to 22.19 per cent (26.95) per cent even as Wipro ADR’s premium moved up to 17.17 per cent (15.15 per cent). More Stories on : Commentary | ADR Watch
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