Thursday's Asia ADR Recap: Solarfun
Indian shares dove Thursday on investor fear that rising crude oil and higher domestic inflation will grind the world's second-fastest growing economy to a halt. Traders said the consensus among the investing community is that a rate hike is almost inevitable with the current levels of inflation.
"Market sentiment is playing a crucial role in determining the stock prices. Shipping and commodities are the only two sectors faring well at this stage," said Arpit Aggarwal, head of research at Arihant Capital.
The Bombay Stock Exchange's Sensex Index lost 336 points, or 1.9%, to 16,907. Here's a look at how some India-based American depositary shares traded in the U.S. Thursday.
Tata Communications (TCL), a leading Indian communications provider, announced it has developed a detection and mitigation service to protect against sophisticated cyber attacks on critical network infrastructure and business applications. The service, named Distributed Denial of Service (DDoS), renders a computer's resources useless in the event of a cyber attack. American depositary shares of Tata Communications, which trade on the NYSE, finished essentially flat at $23.34.India's pharmaceutical king Dr. Reddy's Laboratories (RDY) announced it has launched Omez Insta, an innovative powder formula that will be used in the treatment of acute gastritis and can also be used for critically ill patients who are using feeding tubes. According to the company, Omez can cut the gastric acidity in the stomach by 78% within the first 30 minutes of ingestion. Dr. Reddy's said the U.S. Food and Drug Administration has approved the new powder. Shares of Reddy's traded up 3.5% to $15.57.
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