Mumbai, Oct 7: On the eve of its first half results, Infosys crossed the Rs 8000-mark with the lead given once again by the ADRs which surged by over $ 20 on Wednesday on the Nasdaq. On the BSE, the stock closed at the day's high of Rs 8246, hitting the upper end of the circuit.The ADR shot up by $ 20.25 to $ 165.25 on Wednesday, which translates into Rs 14,393, with two ADRs making up for one equity share. At its current level, the ADRs trade at a whopping premium of 74 per cent to the domestic shares.
The price earning ratio for the ADRs of Infosys have reached unimaginable levels. The PE on 1999 actual earnings works out to 337.24 and the estimated PE based on expected 2000 earnings would be around 235.
Brokers and fund managers have virtually given up setting any target for Infosys.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.