Key Indian ADR highlights from this past week:
• Dr. Reddy’s Lab (NYSE:RDY) saw the largest decline among Indian Stocks as the generic drugmaker announced public offering of 12.5 million shares at $16 per ADS. It is believed that the proceeds will be used to clear some debts from an earlier acquisition and for further expansion. Dr. Reddy’s came out with some pretty good Q2 numbers back in October and I am keeping a close eye on this one for now.
• Rediff.com (NASDAQ:REDF) closed the week up 9.41% on no real news. By the way, Rediff.com, you are diluting the user experience by force feeding advertisements when a user clicks on a news link. So now the user has to click twice just to go to news story. I am sure this is also artificially boosting your page views as well. You have a better portal then Sify (NASDAQ:SIFY) but this new advertising initiative needs to stop.
• Meanwhile Sify’s (SIFY) CFO, Durgesh Mehta, resigned. I was actually surprised he wasn’t let go earlier when other high ranking executives were let go and the current CEO Raju Vegesna took over. Anyway’s, it seem pretty clear now that Raju Vegesna will have his handpicked people at key positions in the company. The market seems to have liked the move as Sify closed the week up 3%.
• WNS Holdings (NYSE:WNS) had a nice run this week on positive 2Q Earnings report:
• Quarterly revenue of $86.6 million, up 76.9% YoY
• Quarterly net income of $6.0 million, up 36.7% YoY
• Positive Guidance: We continue to feel good about our guidance for the year and believe that we are well positioned to meet our targets for fiscal 2007.
Disclosure: I am long Sify.