ADR appreciation wave lifts technology shares

DALAL STREET SPIKES

Tech stocks were back in the limelight witnessing a sharp rally on the back of overnight gains in their ADR issues.

While Satyam gained Rs 14 or 4.65 per cent to close at Rs 320.64 with volumes of 53.72 lakh shares at the BSE, tech major Infosys closed at Rs 5,300, up 2.59 per cent from its previous close.

Satyam Computer's ADR surged 4.93 per cent on New York Stock Exchange to $20.22, while Infosys ADR rallied 6.36 per cent to $83.40 in a broad surge in the US markets.

Sources said, Infosys was also in the thick of action since the morning trade on market rumours that the company is planning a bonus issue and a stock-split ahead of the results next month.

However, a fund manager with a domestic mutual fund said, these are mere rumours and the broad rally in the tech counters is in anticipation of good quarterly results and a better earning guidance for the next year. Infosys will announce its fourth quarter result and full year guidance on April 9.