Updated from 5:07 p.m. EDT
India's Bombay Stock Exchange Index was closed Monday for a public holiday.
Leading Indian information technology company
(SAY) announced it will set up a software development and support facility in Australia in an effort to reduce its dependence on the U.S. market. The new center will be located in Geelong and will house 2,000 employees. American depositary shares of SAY, which trade on the
NYSE, finished down 0.8% at $22.57.
Elsewhere in the Indian information technology sector,
(WIT) plans to build a research and service facility in the south-western Polish city of Wroclaw, according to the newspaper
Gazeta Wyborcza. Wipro plans to hire over 200 IT specialists as part of the expansion into Poland. Shares of WIT finished up 1% at $11.14.
Indian global communications giant
said it has inked a partnership with TE Data SAE, a subsidiary of
Telecom Egypt SAE
to expand its global VPN services into Egypt. Shares of Tata Communications finished down 0.7% at $22.69.
Indian integrated Internet, network and electronic commerce service company
(SIFY - Get Report)
announced it will sell a stake in the company worth $12.8 million to
Satcom Universal Private
, effective March 24. Sify will sell Indian equity shares for $4.46 apiece in an effort to raise $57.2 million to fund growth initiatives. Shares of SIFY finished the day down 6% at $4.58 on the news.
Leading the decliners among Indian ADRs were
, which also lost 2.8% to $93.58;
, which fell 1.9% to $38.21; and
, which fell 1.8% to $4.82.
Be sure to check out the
Far East Portfolio
at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.
Asian stocks were hit hard Monday with shares in mainland China and Hong Kong taking it on the chin. Dealers in the Far East said the declines in China were due to speculation that the
People's Bank of China
might hike lending and deposit rates to fight inflation. Speculation mounted after government officials said over the weekend that China's consumer price index could rise to 8.3% in March, with first-quarter inflation coming in at 8%. Official government data are set to be released on Tuesday.
"Several negative factors, coupled with the big drop in the United States stock market over the weekend have caused panic selling among investors," said Chen Huiqin, an analyst with Huatai Securities.
The Shanghai Composite Index tumbled 196.22 points, or 6.3%, to 3,296.67 and Hong Kong's Hang Seng Index plunged 856.59 points, or 3.5%, to 23,811.20.
Chinese alternative energy company
(TSL - Get Report)
announced it has scrapped plans to build a $1 billion polysilicon production plant due to favorable conditions in the polysilicon material market. The company will also cancel a supply contract with
. American depositary shares of TSL ripped 15.7% higher to $43.95 on 3 times the average daily volume.
Another hot name in the Chinese alternative sector Monday was
(JASO - Get Report)
. Shares of JASO rose 9.4% after the company received some favorable comments from a Lehman Brothers analyst. Analyst Vishal Shah said the shares of JASO could advance by at least 20% as the company announced more polysilicon contracts. Shah currently has an overweight rating on the stock. Shares of JASO added $2.01 to $23.32.
Chinese agricultural supplier
announced it has been named as a defendant in a class action lawsuit filed in the U.S. district court, alleging the company misled and omitted disclosures in its registration statement for its initial public offering. Some of the company's board members and officers were also named as defendants in the suit. Agria issued a statement that said it plans to vigorously contest and defend itself against the allegations. Shares of Agria fell 8.3% to $4.19 on the news.