eFuture Information Technology (EFUT) tumbled 12.6% after net loss for the third quarter widened, compared to the year-ago period.
India: Winners and Losers
iGATE (IGTE) was the top gainer, up 9% during the past week. Tata Motors (TTM) followed second in the advancers' list, gaining 7.7%. In pursuit of its strategy to tap rising disposable income levels in the country, the company is planning to set up 10 Jaguar Land Rover dealerships for the luxury car brand. Tata is following the footsteps of companies like Daimler, Bayerische Motoren Werke, and Volkswagen Audi division to capture the growing demand for premium brands in India.
WNS Holdings (WNS) advanced 6.7%. Past week, the company inaugurated its new European headquarters in London, directed toward supporting the rapid expansion in the region. The company believes that the new headquarters will support penetration and growth in the U.K. market as it derives 60% of revenue from the European markets.Among the major losers, Mahanagar Telephone Nigam (MTE) slumped 13.1%. Tata Communications (TCL) plunged 11.4%. Both the telecom majors experienced a value erosion of $141.79 million and $245.92 million, respectively. Meanwhile, Tata Communications announced new investments in Africa in order to expand into Nigeria, Ghana, Morocco, and Egypt. Further, MTE is focusing on converged services to mobile operators in order to allow them to become next generation carriers. Sterlite Industries (SLT) and Rediff.com (REDF) slipped 9.9% and 5.9%, respectively. Rediff.com shareholders have approved the purchase of Vubites, a TV advertising firm founded by Rediff Chairman and CEO Ajit Balakrishnan, at an estimated $3.37 million. The acquisition would be completed before Dec. 10, 2010. Brazil: Winners and Losers Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) (SBS), water and sewage services provider, was the top gainer, up 1.9% past week. The company is planning to raise $350 million through a debenture issue, which has been approved by the board of Sao Paulo state's networks and the proceeds will be used to pay for its outstanding commercial papers. The company appointed Banco Santander (STD), BB Investimento, and HSBC Holdings (HBC) to coordinate the issue. Another utility company, Companhia Energetica de Minas Gerais (CIG) rose 1.8%, standing second in the gainers' list. Additionally, TAM (TAM) and Companhia Brasileira De Distribuicao (CBD) trimmed 1% and 0.8%, respectively. Among major losers, Gafisa (GFA), a diversified national homebuilder, recorded the highest decline of 7.5% last week. Brasil Telecom (BTM) narrowed 6.7%. The company revealed last week that its board of directors has approved a proposal of interest payment on its own capital for an amount of about $231.5 million (BRL 400 million). Among others, Gerdau (GGB) continued its downtrend, falling by a further 6%.The company had narrowed its net income outlook for the year 2010. Banco Itau Holding Financeira (ITUB) slumped 5.3% during the week.