Financial Daily from THE HINDU group of publications
Monday, Apr 08, 2002
Financial Daily from THE HINDU group of publications Monday, Apr 08, 2002 |
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Markets
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Overseas Investments Columns - ADR Watch Infy maintains healthy premium K.S. Badri Narayanan
THE premium of Infosys Technologies ADR further widened, ahead of quarterly results, during last week in the US markets. It now trades at a healthy premium of 78.73 per cent compared to the previous week's premium of 71.03 per cent. The ADR finished on a positive note at $66.37 ($66.50) while the domestic equity closed on a weak note at Rs 3,628.80 (Rs 3,735.45), the main reason behind the jump in premium. However, other infotech ADRs — Wipro, Satyam Computer and Silverline Technologies — finished in the negative territory. Last week, the US markets ended on a weak note in contrast to the domestic markets, which were just able to close with marginal gains. The Dow Jones Industrial Average closed the week at 10,271.64 points (10,403.94 points) and the tech-focussed Nasdaq at 1770.03 (1845.35). However, the BSE Sensex closed slightly better at 3500.57 (3469.35) and the broader 50-stock Nifty at 1141.95 (1129.55). Most other ADRs remained in a narrow range. However, MTNL ADR finished on a firm note at $6.15 ($5.95) and now trades a discount of 2.23 per cent compared to a discount of 1.58 per cent traded during the previous week. On the other hand, VSNL ADR dipped to $7.32 ($7.84) and now trades at a discount of 3.31 per cent (2.41 per cent).
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