India: Winners and Losers
Sify Technologies (SIFY) emerged as the top gainer with an increase of 7.8%. Recently, the company regained compliance with Nasdaq-listing rules after it filed its annual report for the year ended in March. Meanwhile, Nokia (NOK) has tied up with Sify for deploying mobile order management service for small and medium businesses. This would address the needs of small business units and also provide a dependable platform for businesses to migrate towards business mobility in a cost-effective way.
iGATE (IGTE) ranked second in the advancers' list, accumulating 5.3% last week. On Friday, research analysts at Morgan Stanley upgraded the stock rating to buy from neutral with a price target of $27. Currently, the stock is trading at $21.Infosys (INFY) advanced 1.4% during the week. Recently, the company revealed that Finacle, an Infosys banking solutions product, contributing 4% to 5% of revenue, now reaches out to almost 5% of the world's total population. The company says that mobile banking operators could earn almost $8 billion in revenue just by expanding their services to the currently unbanked by 2012. In a separate development, the company CEO said that Infosys is attempting to expand footprints across India. The company plans to spend 10% of revenue on acquisitions. Among the major losers, HDFC Bank (HDB - Get Report) dropped 11%. Last week, the bank raised deposit and lending rates by 75 basis points making loans more expensive. Moreover, it also hiked its benchmark prime lending rate by 25 basis points to 16.5% per annum. Recently, the bank partnered with Diebold (DBD) in order to upgrade its existing network of ATMs. Tata Motors (TTM) declined 6.7%. Recently, the company provided a four-year manufacturers warranty on its Tata Nano car with no additional cost charged to the consumers. Meanwhile, the car auto manufacturer said that it has put a halt on price rises for its commercial vehicles despite continuous increases in input costs. On the other hand, global car manufacturers may increase car prices starting in January. Among others, Mahanagar Telephone Nigam (MTE) and Tata Communications (TCL) declined 6.6% and 4.5%, respectively.