Rs 2,000 Cr Bonds To Fund Cauvery Development

Software major Inf-osys' Ame-rican depo-sitory receipts continued to surge yesterday, scaling a new high of $94.25 during mid-session trading on the Nasdaq.

 

This denotes a gain of 8.02 per cent over Wednesday's close of $87.

 

At noon (10.00 pm Indian Standard Time), the ADR was quoted at $94.25, with volumes traded touching 75,000. The Nasdaq index was ruling at 2827.88, up 0.35 per cent.

 

Two Infosys ADRs are equivalent to one underlying domestic share.

 

Converted into rupees, yesterday's ruling price of two ADRs works out to Rs 8,152. This represents a 63 per cent premium over the local share.

 

 

On the Bombay Stock Exchange (BSE), the scrip scaled a new high of Rs 4,995 but closed marginally lower at Rs 4,921 following a bout of profit-booking.

 

This makes Infosys the most expensive scrip on the Indian markets.

 

The counter clocked a volume of over 1.9 lakh shares on the BSE, while over 1.37 lakh shares were traded on the National Stock Exchange.

 

The stock has gained nearly 30 per cent on the BSE since Monday. In the same period, the 30-scrip BSE sensex has moved up by only 7 per cent.

 

The Infosys ADR was listed at $46 on the Nasdaq on March 11, against an offer price of $34. The float marked the first time an Indian company had been listed on the US markets.The Securities and Exchange Board of India (Sebi) has suspended further expansion of the mandatory demat trading list.