India ADR Watch: Infosys, Silverline Shares May Rise Today
New Delhi, Aug. 9 (Bloomberg) -- Infosys Technologies Ltd. and Silverline Technologies Ltd. shares may rise today after their American depositary receipts climbed on the Nasdaq Composite Index. The index rose following a report that showed worker productivity rose faster than expected, boosting optimism that the Federal Reserve Board would not raise interest rates.
Infosys, India's second-largest software developer by market value, rose 19 3/8, or 16.7 percent, to 135 1/2. Two Infosys ADRs represent one common share, each valued at $271, or 12,383.34 rupees. In India yesterday, Infosys shares rose 1,013.75 rupees, or 15.6 percent, to 7,513 rupees -- their biggest gain ever. Infosys ADRs are trading at a 64.8 percent premium to the underlying shares.
Silverline Technologies Ltd., an Indian software developer that helps companies such as Chase Manhattan Corp. maintain their systems, rose 7/16, or 2.8 percent, to 15 7/8. One Silverline ADR consists two common shares, each valued at $7.94, or 362.70 rupees. In India yesterday, Silverline's shares rose 13.2 rupees, or 4.3 percent, to 317.2 rupees. Silverline's ADRs are trading at a 14.3 percent premium to the underlying shares.
ICICI Ltd., India's second-biggest lender to companies, was unchanged at 14 3/16. One ICICI ADR is made up of five common shares, each valued at $2.84, or 129.66 rupees. In India yesterday, ICICI's shares rose 0.85 rupees, or 0.7 percent, to 121.35 rupees. ICICI's ADRs are trading at a 6.8 percent premium to the underlying shares.
ICICI Bank Ltd., the banking unit of ICICI Ltd., was unchanged at 12. One ICICI Bank ADR represents two common shares, each valued at $6, or 274.17 rupees. In India yesterday, ICICI Bank's shares rose 4 rupees, or 1.9 percent, to 211.3 rupees. ICICI Bank's ADRs are trading at a 29.7 percent premium to the underlying shares.
Satyam Infoway Ltd., India's largest private Internet service provider, rose 11/16, or 4.5 percent, to 15 13/16 on the Nasdaq exchange. Satyam Infoway is 57 percent owned by Satyam Computer Services Ltd., India's fifth-largest software developer. Satyam Infoway shares don't trade in India.
Rediff.com India Ltd., the first Indian shopping and news Web site to trade on the Nasdaq, rose 2 3/8, or 25.7 percent, to 11 5/8. Its shares don't trade in India.