Monday's Asia ADR Recap: Perfect World
Indian equity markets were closed Monday for a holiday. Here's how some India-based American depositary shares traded in the U.S.
Shares of Indian mining company Sterlite (SLT) surged 2.8% Monday. On CNBC's "Stop Trading!" segment Friday, Jim Cramer touted the stock as a buy, saying Sterlite will benefit from China's demand for zinc, copper and aluminum. American depositary shares of Sterlite, which trade on the NYSE, closed up 61 cents at $22.43 on heavy volume.
Harman International (HAR) announced it has inked a deal with Wipro Technologies to transfer responsibility for Harman's information technology (IT) infrastructure to Wipro (WIT). Under the terms of the deal, Wipro will provide support for help desk operations and administration of desktop systems, servers and networking services for Harman's IT operations in 10 countries including America, Europe and Asia. Shares of Wipro traded up 1.3% to $13.42.
Some of the top performing Indian ADRs Monday were Rediff.com (REDF), which rose 2.2% to $8.84; HDFC Bank (HDB), which advanced 1.2% to $109.26; and Tata Communications (TCL), which closed up 1.4% to $24.20.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.
China RecapStocks in China trade mixed Monday with shares in Hong Kong rising while stocks in mainland China fell as the country observed a three-day mourning period for victims of last week's 7.9 magnitude earthquake. Traders said market sentiment is very low as investors continue to feel the effects of the quake that killed more than 34,000 people.
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