The Hindu Business Line : IT counters end firm

UNABATED selling pressure pushed equities down at the US and the Indian bourses. Except for the infotech counters, most of the Indian ADRs finished last week on a weak note.

Hopes that Indian infotech majors, which are scheduled to announce their fourth-quarter and full-year results next month, will perform strongly seemed to have induced some buying interest into these stocks.

Besides, for Infosys, the `buy' recommendations from research firms Janney Montgomery Scott LLC and FTN MidWest Research fuelled positive sentiment.

A couple of tie-up announcements by Satyam Computer seemed to have acted as a catalyst for the counter. Satyam announced the signing up of a regional partnership with Actuate Corporation, an ERP firm, under the Actuate Asia-Pacific Partner Program.

It also announced a tie-up with LeftBrain Inc, a provider of integrated supplier relationship management.

Following these, Infosys closed firm at $82.82 compared to the previous week's close of $79 and Satyam at $20.39 ($19.75). Wipro finished marginally up at $40.95 ($40.45).

Reports that Dr Reddy's, whose diabetes drug licensed to Denmark's Novo-Nordisk A/S is expected to enter the third and most-advanced stage of human trials, soon failed to reinvigorate the counter. Dr Reddy's closed last week at $23.76 ($24.10).

VSNL, which announced the acquisition of assets of DishnetDSL for Rs 270 crore, also ended the week on negative note at $8.36 ($8.70). On the premium/discount front, there was not much deviation.

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