As a result, the ADRs are commanding a premium of 32.5 per cent over its domestic price of around Rs 3,220.

On the Nasdaq market, hectic buying took the ADR to the day's high of $ 52 before closing at $ 49.625. Thanks to renewed buying, the trading volume surged from 4.8 lakh to 18.97 lakh ADRs.

The fresh wave of buying has been triggered by recommendations from analysts for a `strong buy' in the Indian IT giant. Analysts of Banc of America Securities LLC and BT Alex Brown Inc are among those who have turned bullish on Infosys. The Infosys ADR, after its historic listing on the Nasdaq on March 11, displayed a flat trend in trading activity.

But after the announcements of its results for the full year, the market is nowlooking at the possibility of a better performance. Infosys Technologies' total income almost doubled from Rs 260 crore to Rs 512 crore during 1998-99. Net profit more than doubled to Rs 135.27 crore from Rs 60.37 crore.

Analysts have forecast an EPS of $ 0.60 per ADR for the fiscal ending March 2000, which is marginally more than $ 0.57 for 1998-99. This will translate into Rs 51.24 compared to Rs 41 for 1998-99, about 25 per cent growth on an expanded equity.