Financial Daily from THE HINDU group of publications
Monday, Apr 12, 2004
Financial Daily from THE HINDU group of publications Monday, Apr 12, 2004 |
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Markets
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Commentary Columns - ADR Watch Most counters end weak K.S. Badri Narayanan
AHEAD of quarterly results announcement from corporate majors such as Intel, Bank of America and Citigroup this week, the US markets were calm. The Dow Jones Industrial Average closed last week marginally lower by 0.33 per cent, the tech-focussed Nasdaq and S&P-500 slipped 0.2 per cent as the unrest in Iraq continued. The domestic markets, however, finished firm on funds' support. On the ADR front, most of the counters closed the week in negative zone. Dr. Reddy's, whose ADR options will be open for trading from Monday, closed last week on a weak note at $23.2 against the previous week close of $24.33. Despite the Supreme Court upholding the Securitisation Act, which permits the Indian banks to sell the mortgaged assets, ICICI Bank and HDFC Bank closed weak at $16.03 ($16.44) and $30.74 ($31.19) respectively. ICICI Bank, which raised Rs 3,050 crore in the recent public offer, fixed the price at Rs 280 per share. The bank had offered the shares at between Rs 255 and Rs 295 apiece in the stock sale offer. Infosys announced that it will invest $20 million in a new subsidiary in the US (to be called Infosys Consulting Inc in Texas); the company is also scheduled to announce its full-year results on April 13. Besides, it will also consider bonus/stock split. All these announcements seemed to have moved the counter into the positive zone at $83.78 ($82.99). Infosys also announced the its agreement with Comparex Africa to market Finacle in the Southern Africa region. Wipro also announced that is considering a bonus plan. But this failed to lift the counter, which finished weak at $42.55 ($42.64). Satyam also closed lower at $21.11 ($22.31). However, Sify and Rediff.com bucked the weak trend to finish on strong note. Rediff, after registering a 32-month high above $15, closed at $14.1 ($11.12). Sify closed at $8.32 ($7.10).
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