NEW YORK (TheStreet) -- Here are last week's winners and losers among emerging market American depositary receipts.
Fuqi International, a designer of precious metal jewelry in China, opened its newly expanded showroom in Shenzhen, amid a probe from the Securities and Exchange Commission launched earlier this month. The company is trying to signal to investors that its wholesale and retail businesses continue to operate successfully.China Direct Industries, a manager and consultant of Chinese businesses, announced its subsidiary CDI Beijing International Trading has received a contract from Beijing Tianrun Construction for a range of steel bars. The contract is likely to generate $70 million over 12 months. CDC Corp. (CHIND) and Duoyuan Global Water (DGW), were the major losers shedding 66.7% and 40.4%, respectively. Nonetheless, CDC recently signed a memorandum of understanding with the government of Foshan, the third-largest city in China with the highest rate of growth domestic product in the country, for a 600 million yuan private-equity fund. India Among Indian ADRs, Rediff.com (REDF) emerged the top gainer, up 15.2%. Recently, Microsoft (MSFT) in India partnered with Rediff and other popular Web sites to promote its newly launched Internet Explorer 9. HDFC Bank (HDB), up 7.6%, was the second-highest grosser as India's Nifty index rose to record highs past week, with finance companies heading the sector list. Mahanagar Telephone (MTE) was the top loser posting a 4.5% decline, followed by Tata Communications (TCL), down 1.8%. Meanwhile, iGateE (IGTE) dipped 1.7% after investors booked profits. The stock rallied for almost two weeks touching a 52-week high last Monday. Brazil Among the Brazilian ADRs, Ultrapar Participacoes (UGP) was the major gainer advancing 4.8%, followed by Banco Itau Holding Financeira (ITUB) at 4.6%. Last week, Banco Itau raised a total of $1 billion from an overseas bond issue with maturity date of January 2021 and coupon rate of 5.75%. The proceeds would be directed towards general purposes in order to generate new businesses. Gafisa (GFA) also clocked gains at 4.5%. Major losers for the week included Petrobras Energia Participaciones (PZE) and Gerdau (GGB), declining 3.8% and 1.7%, respectively. Meanwhile, Gerdau, the world's second-largest maker of long steel, is seeking to buy Tamco, a small steelmaker in California, for almost $165 million. The company is also likely to sell global bonds in order to repay its outstanding debt. Fitch assigned a BBB- rating to the offering which is to be routed through the company's subsidiary Gerdau Trade.
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