This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Wednesday's Asia ADR Recap: Icici Bank

Stocks in India failed to hold a positive open Thursday after the government postponed a planned cabinet meeting that was looking into ways to stop losses of over $1 billion a week for state-run oil refiners.

Dealers in the region said investors are worried the government will raise retail fuel prices at a dangerous time with inflation at three-and-a-half year highs. However, with an election year at hand, the government might be forced to come up with a more creative solution or risk upsetting the public.

"Ministers will instead meet in two or three days to consider all options, including increasing fuel prices and cutting duties," Oil Minister Murli Deora said. "If there is a hike, let us face it."

Traders said the expiration of derivates contracts and lower amounts of futures rollovers also helped keep Indian equities at bay. The Bombay Stock Exchange's Sensex Index fell 209.11 points, or 1.27%, to 16,316.26. Here's a look at how some India-based American depositary shares traded in the U.S. on Thursday.

Shares of Tata Motors (TTM), India's largest automaker, fell 5% after the company announced it will sell new shares to pay for its acquisition of Ford Motor's (F) luxury auto brands Jaguar and Land Rover. Tata said it plans to raise $1.7 billion through three simultaneous rights issues. The company also said it plans to raise another $600 million through selling securities abroad.

Analysts at Morgan Stanley, Citigroup and Kotak Securities raised issues with Tata's decision to sell new stock to raise capital. Kotak downgraded Tata Motors' stock to sell and cut its forward estimates, citing concerns that the company is diluting existing shareholders. American depositary shares of Tata, which trade on the NYSE, dropped 68 cents to $13.85.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,089.64 +59.43 0.33%
S&P 500 2,090.61 +8.73 0.42%
NASDAQ 4,798.7210 +25.2490 0.53%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs