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Updated from 5:07 p.m. EDT

India's Bombay Stock Exchange Index was closed Monday for a public holiday.

Leading Indian information technology company


( SAY) announced it will set up a software development and support facility in Australia in an effort to reduce its dependence on the U.S. market. The new center will be located in Geelong and will house 2,000 employees. American depositary shares of SAY, which trade on the


, finished down 0.8% at $22.57.

Elsewhere in the Indian information technology sector,

Wipro Limited

(WIT) - Get Wipro Limited Report

plans to build a research and service facility in the south-western Polish city of Wroclaw, according to the newspaper

Gazeta Wyborcza

. Wipro plans to hire over 200 IT specialists as part of the expansion into Poland. Shares of WIT finished up 1% at $11.14.

Indian global communications giant

Tata Communications

( TCL) said it has inked a partnership with TE Data SAE, a subsidiary of

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Telecom Egypt SAE

to expand its global VPN services into Egypt. Shares of Tata Communications finished down 0.7% at $22.69.

Indian integrated Internet, network and electronic commerce service company

Sify Technologies

(SIFY) - Get Sify Technologies Limited Report

announced it will sell a stake in the company worth $12.8 million to

Satcom Universal Private

, effective March 24. Sify will sell Indian equity shares for $4.46 apiece in an effort to raise $57.2 million to fund growth initiatives. Shares of SIFY finished the day down 6% at $4.58 on the news.

Leading the decliners among Indian ADRs were


(HDB) - Get HDFC Bank Limited Report

, which also lost 2.8% to $93.58;

Icici Bank

(IBN) - Get ICICI Bank Limited Report

, which fell 1.9% to $38.21; and

Mahanagar Telephone


, which fell 1.8% to $4.82.

Be sure to check out the

Far East Portfolio

at every night to find out which stocks in India and China are making big moves and announcing major news.

China Recap

Asian stocks were hit hard Monday with shares in mainland China and Hong Kong taking it on the chin. Dealers in the Far East said the declines in China were due to speculation that the

People's Bank of China

might hike lending and deposit rates to fight inflation. Speculation mounted after government officials said over the weekend that China's consumer price index could rise to 8.3% in March, with first-quarter inflation coming in at 8%. Official government data are set to be released on Tuesday.

"Several negative factors, coupled with the big drop in the United States stock market over the weekend have caused panic selling among investors," said Chen Huiqin, an analyst with Huatai Securities.

The Shanghai Composite Index tumbled 196.22 points, or 6.3%, to 3,296.67 and Hong Kong's Hang Seng Index plunged 856.59 points, or 3.5%, to 23,811.20.

Chinese alternative energy company

Trina Solar


announced it has scrapped plans to build a $1 billion polysilicon production plant due to favorable conditions in the polysilicon material market. The company will also cancel a supply contract with

GT Solar

. American depositary shares of TSL ripped 15.7% higher to $43.95 on 3 times the average daily volume.

Another hot name in the Chinese alternative sector Monday was

JA Solar


. Shares of JASO rose 9.4% after the company received some favorable comments from a Lehman Brothers analyst. Analyst Vishal Shah said the shares of JASO could advance by at least 20% as the company announced more polysilicon contracts. Shah currently has an overweight rating on the stock. Shares of JASO added $2.01 to $23.32.

Chinese agricultural supplier



announced it has been named as a defendant in a class action lawsuit filed in the U.S. district court, alleging the company misled and omitted disclosures in its registration statement for its initial public offering. Some of the company's board members and officers were also named as defendants in the suit. Agria issued a statement that said it plans to vigorously contest and defend itself against the allegations. Shares of Agria fell 8.3% to $4.19 on the news.

Leading Chinese online game developer and operator

Giant Interactive


announced it has opened a new research and development facility in Chengdu, Sichuan. The company plans to use the new facility for the development of specialized 3-D graphics engines and technologies. Shares of Giant fell 2.7% to $12.51.

Elsewhere in the Chinese gaming sector,


(NCTY) - Get The9 Limited Report

surged higher by 6% after the company announced it expanded its license agreement with

Vivendi SA's

Blizzard Entertainment for the distribution of the second expansion pack for major online game "World of Warcraft" in mainland China. Shares of The9 finished up $1.15 at $19.90.

Shares of Chinese plastic film manufacturer

Fuwei Films

(FFHL) - Get Fuwei Films (Holdings) Co. Ltd. Report

dropped 8.7% Monday after the company reported a drop in fourth-quarter net income. Net income came in at RMB 1.0 million, or RMB 0.08 per share, vs. RMB 21.5 million, or RMB 19.5 per share, for the same period last year. Net income for the fiscal year came in at RMB 47.3 million, or RMB 3.62 per share, vs. RMB 67.7 million, or RMB 61.4 per share, from a year ago. Shares of FFHL closed down 27 cents at $2.83.

Be sure to check out the

Far East Portfolio

at every night to find out which stocks in India and China are making big moves and announcing major news.

For more on Asia, check out

Daniel Harrison's coverage



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