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  • monett4 monett4 Aug 9, 2000 10:28 AM Flag

    Deleted Message

    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

 
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