This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Wednesday's Asia ADR Recap

Indian stocks reversed from early gains to close down Wednesday after speculation mounted that the central bank will take further action to cut off money supply growth. Dealers said that market players are betting that the central bank may raise the cash reserve ratio as high as 8.75% after it was bumped up to 8.25% yesterday.

"The Reserve Bank is trying to balance both growth and inflation," said N.S. Venkatesh, chief executive officer of IDBI Gilts Ltd.

The Bombay Stock Exchange's benchmark 30-stock Sensex Index declined by 91 points, or 0.5%, to 17,287. Indian equity markets will be closed Thursday due to a public holiday.

Indian information technology (IT) company Patni Computer Systems (PTI) said first-quarter net profits fell 35% to 724.6 million rupees, vs. 1.2 billion from a year earlier, but revenue jumped 13.1% to 7.06 billion rupees ($176.4 million), vs. Wall Street estimates of $175.6 million. The company forecasted second-quarter net profit to come in between the range of 880 million rupees to 920 million rupees ($22 million to $23 million) on revenue of 7.2 billion rupees to 7.24 billion ($180 million to $181 million), vs. estimates of $181.7 million. Patni said that although results are in line with guidance, it remains cautions on the global economy in 2008. American depositary shares of PTI rose 2.3% to $13.42.

Elsewhere in the Indian IT complex, Tibco Software (TIBX) announced it has expanded its existing eight-year relationship with Indian global IT provider Infosys Technologies (INFY). Shares of INFY slipped 0.5% to $43.69.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
BIDU $206.34 0.00%
RDY $54.53 0.00%
SOHU $51.90 0.00%
VIMC $9.96 0.00%
AAPL $129.36 0.00%


DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs