The Hindu Business Line : Satyam, Sify sizzle

FOR the third week in a row US stocks rose thanks to the weakening of oil prices. The S&P-500 Index jumped 1.2 per cent to 1234.72, the DJ Industrial 1.5 per cent to 10,686.04 and the Nasdaq went up by 1.5 per cent to 2202.47

But it was the domestic market that stole the limelight last week; both the BSE Sensex and the NSE's Nifty jumped by around 5 per cent.

The Indian ADRs also witnessed a sharp surge. Leading the pack was Satyam Computer, which hit its new 52-week high at $36.35. The ADR closed at $36.2 against the previous week close of $34.54. It announced that it had sold its 32 per cent stake in Sify for $62.6 million to the US-based Infinity Capital Venture. The Sify ADR also rose to $6.19 ($5.62).

Dr. Reddy's went up to $20.88 ($18.94) after it said that it has signed an agreement to acquire the bulk drug business of Roche in Mexico for $59 million.

On the back of reports that Crown Capital Ltd, an FII, bought 4.9 per cent from Merrill Lynch Capital Markets Espana SA, HDFC Bank finished firm at $48 ($44.75).

MTNL finished flat at $6.05 ($6.04); Cellular Operators Association of India said that MTNL added 83,180 subscribers during October against 60,866 the previous month.

VSNL gained after the Union Government decided to cut the annual licence fee by 9 percentage points.

However, Rediff.com finished lower at $16.77 ($18.85) after it fixed the price of ADS offering at 15.86 an ADS.

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Satyam, Sify sizzle