Thursday's Asia ADR Recap
Stocks in India advanced for the second day in a row on Thursday as traders covered shorts and rolled over their derivatives contracts that were set to expire later in the day. Also helping the rally was a strong showing from Indian software stocks such as Wipro (WIT) and Infosys (INFY), following a move by Citigroup (C) that raised its earnings estimates for the software sector due to an adjustment higher for the rupee against the U.S. dollar.
"The markets rose on continued short-covering. We may, however, see unwinding of positions if inflation data is weak tomorrow," said Bhaskar Kapadia, a partner with brokerage Pyramid Securities.
The Bombay Stock Exchange's Sensex Index rose 201.75 points, or 1.4%, to 14,422.82. Here's a look at how some India-based American depositary shares traded in the U.S. on Thursday.
Satyam Computer Services (SAY), an India-based consulting and information technology service provider, announced it has formed a strategic alliance with U.S.-based Sciformix Corporation, a life science knowledge process outsourcing firm, to deliver end-to-end data management services in Pharmacovigilance. The two companies will work together to help pharmaceutical and biotechnology companies improve the safety of their products while saving on costs and adding scalability. American depositary shares of Satyam Computer, which trade on the NYSE, slipped 6% to $24.38.Cognizant Technology Solutions (CTSH), a U.S.-based information technology, consulting and technology services company with a large to exposure to the Indian market, was selected by KeyCorp (KEY), a financial services company, as the technology vendor of 2007 for enterprise technology development. The company said it picked Cognizant because it provided innovative solutions that helped enhance product development and utility along with business agility and speed-to-market. Shares of Cognizant Technology fell 5.6% to $32.51.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV