Financial Daily from THE HINDU group of publications
Monday, May 13, 2002
Financial Daily from THE HINDU group of publications Monday, May 13, 2002 |
|
|
|
|
|
Markets
-
Stock Markets Columns - ADR Watch Wipro, ICICI Bank close on firm note K.S. Badri Narayanan
THE Cisco-inspired rally on the US markets was short-lived as Dow Jones Industrial Average and the tech-focussed Nasdaq finished the week on a weak note. Nasdaq, which witnessed the best rally in 12 months on last Wednesday after the Cisco's better-than expected Q3 results announcement, finished the week lower at 1600.85 (1613.03). Last Wednesday, Nasdaq had jumped by 7.78 per cent to 1696.29 from Tuesday's close of 1573.82. However, the rally was short-lived as investors seemed to have turned sceptical and booked profits, pushing down the indices fast. The Dow Jones Industrial average also witnessed a similar trend to close the week at 9939.92 (10,006.83) after registering an intra-week high of 10,141.83 (on Wednesday). However, for the Indian bourses, it was one of the good weeks as major indices closed in the positive territory riding a smooth rally. The Bombay Stock Exchange Sensitive index closed the week at 3431.32 (3308.61) and the National Stock Exchange's S&P CNX Nifty at 1116.40 (1096.95). Select Indian ADRs, however, managed to finish in the positive territory. For Instance, Dr. Reddy's Laboratories closed the week on positive note at $21.70 ($20.60). The underlying stock also scored some gains at Rs 1,000.25 (Rs 998.85). The ADR now trades at an improved premium of 6.29 per cent (one per cent). Another counter which witnessed sharp activity was ICICI Bank. The ADR finished on strong note at $6.70 ($5.14) while the premium jumped to 19.98 per cent (9.46 per cent). ICICI Bank recently announced better results for the quarter ended March 31, 2002. For the period, its net profit rose by 12.9 per cent to Rs 56.88 crore. Among IT stocks, Wipro closed on strong note. It finished the week at $33.44 ($31.98) while there was not much deviation in premium. In the domestic market also Wipro closed on a positive note Rs 1607.70 (Rs 1548.20). Other IT ADRs — Infosys Technologies, Satyam Computer and Silverline Technologies — finished on a weak note. Infosys, which now trades at a reduced premium of 56.92 per cent (64.41 per cent), closed at $61.15 ($63.05).
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|