Monday's Asia ADR Recap: SINA

Stocks in India advanced Monday, breaking a five-day losing streak, on buying strength for service and software exporters after the rupee slid to a one-year low against the dollar. The fall in the rupee accelerated after the Central Statistical Organization of the Ministry of Statistics and Program Implementation announced the Index for Industrial Production (IIP) fell to a six-year low of 3% in March, vs. 8.6% in February.

"The industrial production data didn't come as a shocker, as everybody knows that there will be a slowdown this year and it has been built in prices to some extent. In the short to medium term, the market will continue to be in a consolidation phase," said D.D. Sharma, vice president at Anand Rathi Securities.

The Bombay Stock Exchange's Sensex Index rose 123.83 points, or 0.7%, to 16,860.90.

Tata Communications TCL, a global communications solutions provider, announced it has partnered with U.S.-based Sonus Networks SONS, a market leader in IP communications infrastructure, to expand its global voice network worldwide. The two companies will work together to migrate from the current legacy network onto the new IP-based network and deploy the system in cities like Montreal, Quebec, Toronto, Ontario, Los Angeles, London, Madrid and Frankfurt. American depositary shares of Tata Communications, which trade on the NYSE, finished down 1.1% at $23.45.

Indian motorcycle giant Bajaj Auto, Japan's Nissan Motor NSANY and France's second-largest carmaker Renault announced a three-way joint venture to build a $2,500 car to directly compete with Tata Motors' TTM Nano as India's cheapest car. Bajaj Auto will control a 50% stake in the new venture, while Nissan and Renault will each control a 25% stake. The new ultra-low cost car will be called the ULC and will be launched to the public in 2011. Shares of Tata Motors rose 0.7% to $16.07.