NEW YORK ( TheStreet) -- Global equity markets fell last week on fears of China's tightening monetary policy and weakening confidence in the U.S. economic recovery.
China: Winners and Losers
HQ Sustainable Maritime Industries (HQS) was the top gainer with a 34.5% increase. Third-quarter sales were up 27% to $28.2 million from the year-ago period, following strong new feed products sales. Net income for the quarter jumped 70% to $6.9 million, or 40 cents a share.
Fuwei Films (FFHL - Get Report) surged 16% during the week. China GrenTech (GRRF) rose 15.5% after reporting a 0.5% increase in total revenue, driven by a substantial revenue growth from its China Mobile segment.Meanwhile, Simcere Pharmaceutical (SCR) scaled up by 15% after posting a jump in third-quarter profit. Net income grew two-fold from the prior-year period, led by higher revenue and improving margins. Revenue for the same period climbed 24%. Xinhua Sports & Entertainment (XSEL) jumped 14.5%. Shiner International (BEST) rose 15% after reporting a 79.2% year-over-year increase in third-quarter revenue and as net income tripled. Strong revenue growth is attributable to changes in the product mix, including the sale of higher margin products and rising domestic sales across all product lines. HSW International (HSWI) was the top loser, down 22.4%. AgFeed (FEED) fell 19.6% after announcing a $20.6 million loss for the third quarter, compared to a profit of $2.9 million a year earlier. An impairment charge of $16.8 million dragged the third-quarter results lower. Gushan Environmental Energy (GU) and Solarfun Power Holdings (SOLF) plummeted 18.1% and 17.9%, respectively. Xinyuan Real Estate (XIN) tumbled 15.8% after its third-quarter revenue declined 16.1% to $128.2 million from the year-ago quarter. Further, net income for the quarter stood at $8 million, down from $12 million during the same period last year. India: Winners and Losers iGATE (IGTE) led the advancers' list, gaining 7% past week. Tata Motors (TTM) edged up 1.4% after reporting a 36.5% increase in total revenue, attributable to strong volume growth globally across all major markets. The company has unveiled plans to start commercial production of an electric car from the first quarter of 2011, targeting international markets like the U.K. Among the major decliners, Rediff.com (REDF) emerged as the top loser, down 8.5%, after concerns were raised over the company's deal to buy Vubites India. In a bid to quell market apprehension, Rediff's founder and chairman, Ajit Balakrishnan, said the deal aims to expand the business and to address new market segments and carries no negative implications.
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