Infosys surges on ADR issue

DALAL STREET SPIKES

Tech bellwether Infosys Technologies surged to its all-time high of Rs 2,070 in intra-day trades after the company said yesterday that the ADR offering will consist of a maximum of 16 million equity shares, including greenshoe option, if any.

The stock as a result surged 2.21 per cent to close at Rs 2,018.05. More than 8.86 lakh shares changed hands at the counter on BSE alone. The rise was, however, in contrast to the fall of its ADR on Friday.

The second sponsored ADR issue will mean that the supply of shares on Nasdaq (where Infosys' ADRs are listed) will go up which caused a sell-off in the Infy ADR on Friday, analysts said. In the local market, the stock has been on an upward rally of late. "