Tuesday's Asia ADR Recap: China Mobile
Indian stocks fell for the fourth consecutive trading session Tuesday, after investors lowered their stock exposure ahead of the equity derivative contract expiration set for May 29 and new inflation data due out on Friday. Traders said rumors of a fuel-price hike also weighed on shares in the region.
"The market is under selling pressure because of the end of settlement on Thursday," said Rajesh Jain, chief executive officer at Pranav Securities. "Banking shares have been hit in particular because of fears that rising inflation will prevent the central bank from cutting interest rates."
The Bombay Stock Exchange's Sensex Index lost 72.91 points, or 0.5%, to 16,275.59. Here's a look at how some India-based American depositary shares traded in the U.S. Tuesday.
Indian global communications solution company Tata Communications (TCL) announced it has inked a deal with United Arab Emirates-based Emirates Telecommunications to provide enterprise network services in the UAE, according to a joint filling. Under terms of the deal, both companies plan to provide ethernet services and other connectivity solutions across the UAE, but financial details of the agreement weren't disclosed. American depositary shares of Tata, which trade on the NYSE, closed up 2.9% at $23.70.Sify Technologies (SIFY), which provides Internet and enterprise services in India, announced the launch of its Roam Connect International service in India. The company said the new service will be powered by U.S.-based enterprise mobility services company iPass (IPAS) and will allow Sify customers to gain access to high-speed, reliable and secure wireless broadband services at more than 100,000 locations, including airports, hotels, conference centers and retail locations. Shares of Sify finished essentially flat at $4.97.
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