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    • 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.

      Aug/08/2000 23:28
      ET

    • <EOM>

 
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