The Hindu Business Line : ICICI Bank steals the limelight

Sharp improvement in consumer sentiment and firm trend in commodity prices helped the US markets end last week in positive territory. The Dow Jones Industrial Average climbed 1.68 per cent for the week and the technology-heavy Nasdaq composite added 1.47 per cent while the broader Standard & Poor’s 500 index jumped 1.3 per cent.

On the other hand, the domestic markets ended on a mixed note. While the BSE Sensex finished a tad higher over the previous week, the NSE dipped marginally.

Among the ADRs, last week belonged to ICICI Bank. The ADR jumped 13.66 per cent to end at $20.55 ($18.08). In fact, the bank announced a drop in net profit for the fourth quarter ended March 31, 2009. ICICI Bank last Saturday said its net profit for the fourth quarter fell 35 per cent to Rs 744 crore as against Rs 1,149.8 crore in the corresponding quarter last year. ICICI Bank’s net profit for the year ended March 31, 2009, declined 9.6 per cent to Rs 3,758 crore from Rs 4,158 crore in FY2008.

However, the ADR of the other banking major – HDFC Bank – finished the week marginally lower by 0.41 per cent at $74.94 ($75.25).

IT majors – Infosys Technologies, Wipro and Patni Computer – also finished the week with handsome gains. The ADR of Infosys jumped 6.2 per cent at $30.7 ($28.89), Wipro gained 3.83 per cent at $9.47 ($9.12) and Patni moved up by 3 per cent at $7.72 ($7.5). Global software services provider Patni Computer Systems has posted 17 per cent drop in net income at $15 million in the first quarter ended March 31, 2009, largely due to shrink in demand.

However, the scam-ridden Satyam Computer, which is now under Tech Mahindra, declined 4.3 per cent at $1.77 ($1.85).

The other company that came out with results last week was MTNL. The telecom major said its fourth quarter ended March 31, 2009, saw a net loss of Rs 83.81 crore as compared to net profit of Rs 173.73 crore for the quarter ended March 31, 2008. However, the ADR of MTNL ended on a positive note by gaining about 3.5 per cent at $2.94 ($2.84).

Sterlite also came out with a sharp decline in net profit for the March quarter. The metal firm announced a drop of 55 per cent in net profit at Rs 598 crore against Rs 1,318 crore reported for the same quarter last year. The ADR, however, finished on firm note at $8.52 ($8.2), a gain of 3.9 per cent.

The ADR of Tata Motors slipped 1.97 per cent at $7.44 ($7.59) while the other Tata group company – Tata Communications – jumped 4.86 per cent at $23.07 ($22).

More Stories on : Commentary | ADR Watch

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

Stories in this Section
Most FIIs rejig portfolio

It takes two (results) to tango

ICICI Bank steals the limelight

SRF (Rs 85): Buy

Day Trading Guide

Investors may play waiting game till a Govt is formed