The American depository shares (ADS) of 3 Indian technology companies, Infosys Technolgies, Wipro and Satyam Computer Services, closed at over 8-month highs on the US exchange Nasdaq, on January 8.
The Infosys Technologies ADS closed at an eight-month high of $75.26 on January 8, as against its previous high of $77.20 on May 17, 2001.
Wipro closed at a 10-month high of $41.75, as against its previous high of $47.75 on March 2, 2001. Satyam Computer Services, listed on the Nasdaq on May 16, 2001 at $11.80, touched an all-time high of $14.60.
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Infy has appreciated 28 per cent in the last four trading sessions, from $58.96 on January 2, 2002. The scrip had touched a low of $34 on September 21, 2001.
The current surge is driven by expectations of excellent results in the quarter ended December 2001. Infosys will announce its December quarter results tomorrow (Thursday). Local brokerages expect Infosys to post a 25 per cent revenue growth and a 30.6 per cent rise in its net profit in the third quarter.
Interestingly, the current rally at the software counters has expected these technology ADS' to trade above their offer prices.
Infosys, trades 121 per cent higher to its offer price of $34. Satyam Computer, had made an offer at $9.71, while the Wipro ADS offer was priced at $41.375.