This Day On The Street
Continue to site
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

Tuesday's Asia ADR Recap: Cogo Group

Stocks in Indian rose sharply on Tuesday, led by banking and realty shares on reports that advanced tax collections for the April-to-June period are up significantly.

According to the Economic Times, India's biggest mortgage player, Housing Development Finance, announced that its tax payments jumped 47%, ICICI Bank (IBN) saw its payments surge 36%, the State Bank of India said payments soared 32%, and HDFC Bank (HDB) paid 40% more.

Short-covering propelled Indian shares higher as analysts perceived the jump in tax collections as a precursor to stronger corporate earnings reports for the upcoming June period. However, some market observers in the region said the fundamentals didn't support strong earnings, and the market moved up on light volume.

"This is clearly a relief rally, as the combination of macroeconomic factors -- inflation, price of oil, value of the rupee, high interest rate scenario and possibility of another hike, amid a dip in economic growth is lethal. And even the slightest negative news from markets overseas will aggravate the situation. I see no reason for this rise except the possibility of some manipulation," said Daljeet Kohli, head of research at Emkay Share and Stock Brokers.

The Bombay Stock Exchange's Sensex Index soared 301.08 points, or 1.96%, to 15,732.75. Here's a look at how some India-based American depositary shares traded in the U.S. on Tuesday.

Tata Communications (TCL), an Indian communications solutions provider, announced a sharp drop in its fourth-quarter net profit due to slower sales growth. The company said fourth-quarter net profit came in at 103 million rupees ($2.4 million), vs. 154 million from a year ago and total revenues were 85.7 billion rupees, vs. 88.49 billion a year ago. American depositary shares of Tata, which trade on the NYSE, traded up 4.1% to $20.27.
1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
COGO $0.00 0.00%
CPSL $0.06 0.00%
JST $5.94 1.19%
PWRD $20.17 1.77%
TTM $28.36 -5.80%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs