Monday's Asia ADR Recap
Patni Computer (PTI), an Indian information technology solutions and services company, announced it has appointed Kimmo Solla as vice president and head of the company's Product Engineering Services for the European region. Previously, Solla held the position of strategic client partner at Wipro (WIT), where he managed one of Wipro's largest international accounts. Shares of PTI dove 5.3% to $10.14.
Leading the Indian ADRs to the upside Monday were Dr. Reddy's Laboratories (RDY), which added 2% to $15.60; Tata Communications (TCL), which moved up 1.9% to $17.84; and Wipro, which jumped 1.4% to $12.18.
Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.
Stocks in China traded mixed on Monday with shares in mainland China closing slightly lower on no new significant developments, and shares in Hong Kong advanced as institutional money managers preformed some window dressing maintenance to their portfolios on the last day for the second quarter."There was little interest in the market also because of the shortened trading week," said Peter Lai, investment manager at DBS Vickers. The Shanghai Composite Index fell 12.33 points, or 0.45%, to 2,736.10, and Hong Kong's Hang Seng Index rose 52.49 points, or 0.2%, to 22,094.84. Hong Kong's equity markets will be closed on Tuesday for a public holiday. Here's a look at how some China-based American depositary shares traded in the U.S. on Monday. Chinese alternative energy company Trina Solar (TSL) announced it has inked a sales agreement with ERGYCA Power Srl, a subsidiary of Italian-based GreenergyCapital SpA. Under the terms of the agreement, Trina Solar will supply GreenergyCapital with PV modules for a total value of $158 million for three years. American depository shares of Trina Solar, which trade on the NYSE, finished down 1% to $30.39.
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