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Indian ADRs shines

Jan 15, 2001

The NASDAQ gained more than 9% last week on the back of strong buying interest in technology stocks. The gain was despite the fact that earnings warnings issued by major companies, which included Cisco, Yahoo, Nokia, Hewlett Packard and Gateway. Even the negative news on the front of economy (rise in unemployment numbers) failed to cause weakness in the markets. The rally in the markets was largely led by investor perception that negative news was already factored in the markets.

Comparative performance
(Price in $) 1-Jun-01 13-Jun-01 Change
Infosys 94.8 101.0 6.6%
Satyam Infoway 4.0 5.6 39.1%
Rediff 2.9 3.1 4.2%
Silverline 10.4 9.9 -5.4%
VSNL 13.6 13.7 0.5%
ICICI Bank 6.9 6.6 -5.4%
ICICI 11.6 11.8 1.1%
Wipro 56.1 55.4 -1.3%

Indian ADRs in general witnessed selective buying interest. Sify was the major gainer with large volumes. The stock is trading at a premium of more than 20% compared to its issue price. Sify.com has earned revenues of $1.3 m from advertisements last year and ad revenues of $2 m is expected as the break even point for the portal. The turnover growth of the company will be fueled by new revenue streams like ISP, network of Satyam iWay cyber cafes and through acquisitions & tie-ups with other portals. The improving future scenario coupled with strong quarterly performance of its parent, Satyam Computers, attracted buying interest in the stock, which gained 39% over a week.

Infosys, which was downgraded by another key foreign broking house, gained more than 6% on its better quarterly performance. The company has recorded a growth of 125% in profits and 137% in revenues. Although Infosys has written off its investments in one of the dot comp company, future risk to revenue growth is minimum as dot.com companies accounted for a marginal 5.8% (9.5% in 2QFY01) to total revenues in 3QFY01. With a diversified focus area the company is expected to maintain its performance for the year ended March 2001. The ADR is currently trading at a premium of more than 60% compared to its domestic price.

Silverline, ICICI Bank and Wipro lost ground on selling pressure. Silverline and ICICI Bank are trading at a premium of around 2% compared to its domestic price.

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