Business Daily from THE HINDU group of publications
Monday, Jun 25, 2007
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Business Daily from THE HINDU group of publications Monday, Jun 25, 2007 ePaper |
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Markets
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Stock Markets Info-Tech - Stocks Columns - ADR Watch K.S. BADRI NARAYANAN
The fear that banks may suffer on mortgage bonds' losses on the back of Bear Stearns woes affected the sentiment at the US bourses. The S&P 500 fell two per cent to 1,502.56; according to Bloomberg, it is the largest weekly drop since the March 2. The Dow Jones Industrial Average fell 2.1 per cent and the tech-focused Nasdaq lost 1.4 per cent. On the other hand, domestic bourses registered strong gains thanks to institutional buying. The BSE Sensex and the NSE's S&P CNX Nifty surged two per cent last week. Among the ADRs, infotech counters continued their downfall while the majority of other counters finished on a firm note. The appreciating rupee has been affecting the sentiment on IT counters. Patni was the biggest loser (5.59 per cent) at $24.45 ($25.9), Infosys the second biggest (four per cent) at $51.15 ($53.31), while Wipro and Satyam slipped by 3.4 per cent and 3.6 per cent respectively. The week also saw a new addition in Sterlite Industries. The counter closed at $14.8 against the issue price of $13.44. The company said that after exercising the greenshoe option of 19.56 million shares, its total ADS offering stands at 150 million shares, resulting in gross proceeds of $2,016 million. ICICI Bank was the star performer, gaining 6.36 per cent to close at $49.64 ($46.67); the counter hit a 52-week high of $50.87 intra-week. The bank came out with follow-on public offer, which closed on Friday. The CEO, Mr K.V. Kamath, said that the bank will raise its share sale to $5 billion from $4.3 billion; the additional amount will come from the greenshoe option. However, HDFC Bank, which is also planning to come out with a follow-on offer, closed flat at $83.08 ($83.38). There was not much deviation on premium/discount front.
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