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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV