Mahanagar Telephone Nigam (MTE) gained 2.8% and announced its decision to finalize agreements for sharing its 3G mobile network with private service providers by early 2011. The company expects to earn around $67.2 million from the 3G roaming agreements with other telecom operators who did not succeed in the recent 3G spectrum auction.
Tata Communications (TCL) was up 2.7%. It was known last week that UAE-based Etisalat is collaborating with eight global telecom operators to launch a high-capacity fiber optic submarine cable extending from India to Europe. Tata Communications is among the eight players.
ICICI Bank (IBN) gained 1.9% last week. The bank has affirmed that it will be raising its base rate by 50 basis points and the benchmark prime lending rate by 25 basis points, effective Jan. 3, 2011. Meanwhile, Infosys (INFY) scaled up 1.6%.
iGATE (IGTE), emerged a major loser, down 3.1%. Last week, the company canceled its press conference wherein it was scheduled to announce the Patni Computers (PTI) acquisition deal. Tata Motors (TTM) lost 2.7%. The company recently upped the prices for its passenger and commercial vehicles on rising input costs. Prices for passenger cars were raised by 1.5%. WNS Holdings (WNS) edged 1.9% lower.Brazil: Winners and Losers Petroleo Brasileiro (Petrobras) (PBR) headed the gainers' list, accumulating 10.4%. For December, the company announced a daily average oil output of a record 2.12 million barrels, with new wells brought on stream. This would lead to record oil production in 2010, Petrobras added. CPFL Energia (CPL) followed, up 4.6%. Insider sources say state-controlled electricity utilities Cemig and CPFL Energia are in acquisition talks in order to expand their combined share in Brazilâ¿¿s electricity distribution market to 42% from the current 30%. Meanwhile, Gafisa (GFA) notched a 4.5% gain. Braskem (BAK) rose 4.3% after it approved the incorporation of Quattor Petroquimica (Quattor) as a wholly owned subsidiary. Quattorâ¿¿s shareholders will receive Braskem shares -- one preferred class A share of Braskem for one common or preferred share of Quattor. Centrais Eletricas Brasileiras (Eletrobras) (EBR) increased 4.2% after Electronuclear, the companyâ¿¿s nuclear plant, received a $3.6 billion grant from the Brazilian national development bank for building Brazilâ¿¿s third nuclear reactor. While the bankâ¿¿s loan would finance 59% of total expenditure, Electronuclear intends to spend $5.6 billion towards construction. Companhia Paranaense de Energia (COPEL) (ELP) gained 4.1% last week. The company said it is mulling a plan to build a pilot-scale biodiesel plant in 2011 in Parana state with a daily production capacity of 5,000 liters of biodiesel. The project is likely to benefit 2,500 local farmers.
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