The Hindu Business Line : Satyam, Rediff hit year highs

THANKS to the robust showing by Qualcomm Inc, the US markets ended on strong note for the second continuous week. The Standard & Poor's 500 Index rose 1.8 per cent to 1220.14 last week while the Dow Jones Industrial Average climbed 1.2 per cent to 10,530.76. The tech-focussed Nasdaq Composite Index added 3.8 per cent to 2169.43, which is the best weekly performance since August 2004, according to Bloomberg data.

The Indian markets witnessed a smart turnaround in the curtailed trading week with the BSE Sensex gaining 5.04 per cent and the NSE's Nifty 4.44 per cent.

It was one of the best weeks for the Indian ADRs as none of the counters ended the week in red. Leading the gainers' pack were Sify, Rediff.com and VSNL by recording gains of 23 per cent, 10 per cent and 13 per cent respectively.

In the process, Rediff.com registered a new 52-week high at $20.11 before ending the week at $18.85 against the previous week close of $17.11. Rediff.com announced that second quarter profit was $307,000, compared with a loss of $381,000 a year-ago period.

Satyam Computer Services, which also registered its year high at $35.3 this week, closed firm at $34.54 ($32.76). The company announced that it may get eight per cent of its revenue from Australia in two years as it manages more client computer networks and call centres from there. Satyam, which gets about 85 per cent of its sales in North America and Europe, is reducing dependence on those regions.

Tata Motors said its October sales rose 17 per cent; the ADR ended the week at $10.93 (10.44), a gain of 4.65 per cent.

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