iGate (IGTE) gained 3% during the past week on the news that the company, in partnership with Apax Partners, could be the frontrunner to buy a 60% stake in Patni Computers (PTI) valued at around $1 billion. iGate seeks to make an open offer for another 20% of Patni. Meanwhile, Oppenheimer initiated coverage on iGate assigning an outperform rating to the stock with a price target of $27, a 32.7% upside from current levels.
Dr. Reddy's Laboratories (RDY) shed 5.7% pulled down by reports of a gas leakage in the company's facility at Hyderabad, India. Also, Mahanagar Telephone Nigam (MTE) declined 2% during the past week. It was revealed that India may prevent telecom firms to offer non-voice third generation mobile services unless the telecom companies prove that these facilities can be tapped live.
Brazil: Winners and LosersVivo Participacoes (VIV) emerged as the top gainer with an increase of 5.3% on a ratings upgrade. Last week, analysts at Sanford C. Bernstein upgraded the stock to outperform from market perform. Meanwhile, the company revealed that it has approved the interests' payment on its own capital for 2010 amounting to BRL 220 million ($130 million). Braskem (BAK), a petrochemical company, was up 4.9%. Brasil Foods (BRFS) increased 4.2% after the company said it plans to raise investments by almost 80% to $940 million to $1.1 billion in 2011 driven by increasing demand for poultry and pork products. Gafisa (GFA) and Brasil Telecom (BTM) gained 4.1% each, mainly driven by expanding volumes during the last week. Companhia de Bebidas das Americas -- AmBev (ABV) was up 3.9%. The leading beer and soda distributor said that it is scheduled to split its stock 5-for-1 on Tuesday. Meanwhile, AmBev also has a franchise to produce, sell and distribute PepsiCo (PEP) outside the US. Also, it has a significant 70% share in the Brazilian beer market. Among the major losers, Companhia Energetica de Minas Gerais (CIG), the largest integrated electric utilities in Brazil, declined the most with a fall of 7.4%. Recently, the company received board approval for a payment of a special dividend totaling $900 million.
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