Indian ADR's Unphased By Terror Attacks (INFY, IBN, REDF, SAY, SLT, TTM, WIT)

Fresh attacks that appear to be targeted against foreigners in Mumbai, India have failed to thwart a market rally today even in Indian stocks.  Reports have foreigners being taken hostage at premiere hotels frequented by the wealthy and by business travelers and some 60 deaths have been reported.  Interestingly enough, this has also failed to take out the wind of the Indian ETF’s and Indian ADR’s which are actively traded here in the US.  Stock Moves in ADR’s:

• Infosys Technologies Ltd. (NASDAQ: INFY) up 6.3% at $24.61
• ICICI Bank (NYSE: IBN) down 2.7% at $13.26 (had been up before)
• Rediff.com India Ltd. (NASDAQ: REDF) up 5.6% at $2.06
• Satyam Computer Services (NYSE: SAY) up over 3% at $12.78
• Sterlite Industries (NYSE: SLT) up 7% at $4.80
• Tata Motors (NYSE: TTM) down 2.3% at $4.59 (was down most of day)
• Wipro Ltd. (NYSE: WIT) up 4.3% at $7.48

We also added in an after-report list to the ETF’s and closed-end funds we track to show a broad interest as well.

Jon C. Ogg
November 26, 2008