ID :
42623
Sun, 01/25/2009 - 21:11
Auther :
Shortlink :
http://m.oananews.org//node/42623
The shortlink copeid
Indian ADRs lose USD 3 bn; Satyam manages to post gains
New York, Jan 25 (PTI) Shares of troubled Satyam Computer
Services posted a gain of nearly USD 250 million on the
New York Stock Exchange even as Indian stocks listed on
American bourses together lost three billion dollars in their
total market capitalisation last week.
The total valuation of 16 companies trading on the NYSE
and Nasdaq as American Depository Receipts tumbled by three
billion dollars for the week ended January 23.
Nonetheless, Satyam, IT firm Patni Computer Systems and
outsourcing entity WNS together managed to add to their market
values.
However, Satyam managed to buck the trend and added USD
246 million to its valuation, after the shares witnessed
some positive movement on talks of a possible buyout.
The software exporter, battered after its founder B
Ramalinga Raju admitted fudging company's accounts for many
year and to the tune of Rs 7,800 crore, had seen its valuation
erod by three billion dollars in valuation for the week ended
January 16.
Meanwhile, private sector lenders -- ICICI Bank and HDFC
Bank, IT majors -- Wipro and Infosys -- saw significant
losses.
ICICI Bank and Wipro were the biggest losers shedding
more than USD 1.5 billion, as a whole. ICICI Bank witnessed
its market capitalisation plunge USD 935 million while that of
Wipro dropped by USD 819 million.
Further, HDFC's valuation decreased USD 698 million,
whereas Infosys declined as much as USD 623 million.
Last week, global markets were highly volatile mainly due
to gloomy economic data and disappointing corporate results.
UK has officially entered a recession for the first time
in 18 years, while Singapore has projected its GDP could
shrink five per cent this year.
Among the other Indian ADRs, copper producer Sterlite
Industries and pharma company Dr Reddy's Laboratories saw
their market capitalisation slide USD 241 million and USD 156
million, respectively.
Telecom entities -- Tata Communication and Mahanagar
Telephone Nigam Ltd, outsourcing firms Genpact and
Exlservice, auto maker Tata Motors and internet companies --
Reddif and Sify Technologies, too witnessed their valuation
fall in the range of USD 0.5-105 million.
The swearing in of Barack Obama as the 44th President
failed to cheer investors, as the American bourses went into a
tailspin last week primarily on account of weak corporate
results and lingering banking woes.
Adding to the woes, UK's GDP shrunk 1.5 per cent in the
fourth quarter of 2008, pushing the country into recession. In
the third quarter of last year, the economy had contracted 0.6
per cent.
Moreover, the European Commission has projected the
region's economy to decline as much as 1.9 per cent this year.
PTI
Services posted a gain of nearly USD 250 million on the
New York Stock Exchange even as Indian stocks listed on
American bourses together lost three billion dollars in their
total market capitalisation last week.
The total valuation of 16 companies trading on the NYSE
and Nasdaq as American Depository Receipts tumbled by three
billion dollars for the week ended January 23.
Nonetheless, Satyam, IT firm Patni Computer Systems and
outsourcing entity WNS together managed to add to their market
values.
However, Satyam managed to buck the trend and added USD
246 million to its valuation, after the shares witnessed
some positive movement on talks of a possible buyout.
The software exporter, battered after its founder B
Ramalinga Raju admitted fudging company's accounts for many
year and to the tune of Rs 7,800 crore, had seen its valuation
erod by three billion dollars in valuation for the week ended
January 16.
Meanwhile, private sector lenders -- ICICI Bank and HDFC
Bank, IT majors -- Wipro and Infosys -- saw significant
losses.
ICICI Bank and Wipro were the biggest losers shedding
more than USD 1.5 billion, as a whole. ICICI Bank witnessed
its market capitalisation plunge USD 935 million while that of
Wipro dropped by USD 819 million.
Further, HDFC's valuation decreased USD 698 million,
whereas Infosys declined as much as USD 623 million.
Last week, global markets were highly volatile mainly due
to gloomy economic data and disappointing corporate results.
UK has officially entered a recession for the first time
in 18 years, while Singapore has projected its GDP could
shrink five per cent this year.
Among the other Indian ADRs, copper producer Sterlite
Industries and pharma company Dr Reddy's Laboratories saw
their market capitalisation slide USD 241 million and USD 156
million, respectively.
Telecom entities -- Tata Communication and Mahanagar
Telephone Nigam Ltd, outsourcing firms Genpact and
Exlservice, auto maker Tata Motors and internet companies --
Reddif and Sify Technologies, too witnessed their valuation
fall in the range of USD 0.5-105 million.
The swearing in of Barack Obama as the 44th President
failed to cheer investors, as the American bourses went into a
tailspin last week primarily on account of weak corporate
results and lingering banking woes.
Adding to the woes, UK's GDP shrunk 1.5 per cent in the
fourth quarter of 2008, pushing the country into recession. In
the third quarter of last year, the economy had contracted 0.6
per cent.
Moreover, the European Commission has projected the
region's economy to decline as much as 1.9 per cent this year.
PTI
