• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Both the Indian bourses and the US stocks moved up quite sharply last week on the back of falling crude prices. Tracking the broad market, most of the Indian ADRs also witnessed reversal of fortunes.

Among them, the biggest gainers were HDFC Bank and ICICI Bank. While the former jumped 8.19 per cent, the latter spurted even higher by 12.74 per cent. Better-than-estimated results from Citigroup Inc and JPMorgan Chase & Co buoyed the sentiment of the banking and financial stocks across the globe.

However, IT majors — Wipro, Satyam Computer and Patni Computers — closed in the red, even as Infosys Technologies closed in the green, albeit marginally. Wipro and Satyam Computer fell, after they announced that customers cut spending amid a global economic slowdown. Besides, Satyam also kept its sales forecast for the year ending March 31, 2009, unchanged, in dollar terms, disappointing analysts, who had expected an upward revision. Wipro had said that some clients scaled back orders.

The ADR of Wipro fell by 2 per cent to $10.81 ($11.03) and Satyam Computer by 4.5 per cent, while Patni Computers slipped by 2.2 per cent. Infosys, however, managed to end in the green with a gain of 0.7 per cent at $38.42 ($38.14).

As the commodities price started to cool-off, the biggest loser during the week was Sterlite Industries, whose ADR tumbled by 7.9 per cent at $13.92 ($15.11).

The drastic fall in crude prices benefited Tata Motors, whose ADR jumped by 6.9 per cent at $10.02 ($9.37).

The sentiment for Dr Reddy’s Lab was not affected despite another pharma major Ranbaxy facing allegations by the US Justice Department that it sold substandard drugs. The Dr Reddy’s Lab ADR gained 2.3 per cent to end at $15.9 ($15.54). Telecom counters MTNL and Tata Communications also ended on a firm note with the former gaining by 3.7 per cent and the latter by 11.56 per cent. Internet counters Rediff.com and Sify, which have been on the receiving end, too closed with a gain of 9.3 per cent and 3.8 per cent respectively.

More Stories on : Commentary | ADR Watch

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Stock split and the art of wealth creation

Copyright © 2008, 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