The Hindu Business Line : Infy slumps 9 pc

THE Dow Jones Industrial Average, which crossed the psychological 11,000-mark since June 2001 last week, failed to hold on to that level and closed at 10,959.87 following lower-than-expected quarterly performances from Alcoa Inc and Tyco International Ltd. However, S&P-500 and the Nasdaq finished a tad better in a mixed week for equities.

The domestic markets turned extremely weak following Infosys Technologies and Reliance Industries results that disappointed market participants. The BSE Sensex and the NSE's S&P CNX Nifty tumbled 2.76 per cent and 2.22 per cent respectively.

For the Indian ADRs, it was a mixed trend; while Dr. Reddy's Lab, MTNL and Tata Motors finished on firm note, led by the biggest-loser Infosys, tech counters tumbled. The Bangalore-based company reported a 31-per cent gain in net profit to Rs 649 crore for the quarter ended December 31, 2005 which failed to meet some analysts' expectations. The ADR finished sharply lower at $73.45 ($81.42), a drop of 9.17 per cent.

HDFC Bank, which announced a 31-per cent rise in net profit for the December quarter, finished lower at $54.05 ($54.56). ICICI Bank, which raised its lending rate for companies by 25 basis points, also finished lower at $29.9 ($31.67).

However, Tata Motors, which announced its marketing and distribution tie-up with Fiat SpA for cars, finished firm at $14.77 ($14.49).

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