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Strategies & Market Trends : India Coffee House

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To: janet kuhnert who wrote (5235)	7/22/1999 9:26:00 AM
From: Mohan Marette	Read Replies (1) of 12475

Infosys gives confusing signals Date: 7/22/99 9:42:08 AM (Probity-India) Infosys, the stocks which has been at the center of action on the BSE and Nasdaq for the past few days gave confusing signals yesterday. The Infy on Nasdaq, which had surged to a high of US$125 lost another US$11.625 or 13.56% to close at US$74.125 amidst volume of 189,100 ADR. The ADR slipped yesterday despite Reuters reporting about the plans of Infosys planning acquisition and setting up a software development center outside India. This news came when the US markets were open, yet the stock slipped on Nasdaq. Infosys managing director and chief operating officer Nandan Nilekani said, “we are really at a very, very early stage of the acquisition.” While on BSE the Infosys stock closed at Rs4771.75 dropped by Rs301. Despite the fall on Nasdaq the Infy ADR is quoting at a premium of 34% to the domestic price.

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