Indian equity markets were closed Monday for a holiday. Here's how some India-based American depositary shares traded in the U.S. Shares of Indian mining company Sterlite ( SLT) surged 2.8% Monday. On CNBC's "Stop Trading!" segment Friday, Jim Cramer touted the stock as a buy, saying Sterlite will benefit from China's demand for zinc, copper and aluminum. American depositary shares of Sterlite, which trade on the NYSE, closed up 61 cents at $22.43 on heavy volume. Harman International ( HAR) announced it has inked a deal with Wipro Technologies to transfer responsibility for Harman's information technology (IT) infrastructure to Wipro ( WIT). Under the terms of the deal, Wipro will provide support for help desk operations and administration of desktop systems, servers and networking services for Harman's IT operations in 10 countries including America, Europe and Asia. Shares of Wipro traded up 1.3% to $13.42. Some of the top performing Indian ADRs Monday were Rediff.com ( REDF), which rose 2.2% to $8.84; HDFC Bank ( HDB), which advanced 1.2% to $109.26; and Tata Communications ( TCL), which closed up 1.4% to $24.20. Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.
"It looks like over the weekend people decided that this is fertile ground and they are not being bullish enough because the earthquake damage is pretty extensive," said Howard Gorges, vice chairman of South China Brokerage. The Shanghai Composite Index slipped 19.47 points, or 0.5%, to 3,604.76 and Hong Kong's Hang Seng Index went up 123.37 points, or 0.48%, to 25,742.20. Shares of Perfect World ( PWRD), a Chinese online game developer, plunged 12% after the company beat Wall Street estimates for the first-quarter, but lowered its second-quarter revenue forecast due to the suspension of online gaming services for three day as part of a national mourning period for earthquake victims. The company said net income jumped 295% to $22.6 million and diluted earnings per American depositary shares were 40 cents, vs. Wall Street estimates of 35 cents. First-quarter revenues soared 247% to $43.2 million, vs. estimates of $39.39 million. American depositary shares of Perfect World, which trade on the Nasdaq, fell $3.99 to $27.31. Elsewhere in the Chinese online gaming sector, The9 Limited ( NCTY), Shanda Interactive Entertainment ( SNDA), Giant Interactive Group ( GA) and Sohu.com ( SOHU) have all suspended their online games for three days starting today in memory and observance of earthquake victims in the country. Shares of NCTY rose 2% to $25.79, SNDA fell 5.6% to $34.88, GA dropped 8.6% to $14.25, and SOHU finished down 1.5% at $82.24. SINA Corp ( SINA), the leading Internet portal in China, announced it has launched an English news site to provide China-related news and content services. The new site will provide coverage of current events in China for an international audience.
SINA also had its target price raised by Credit Suisse from $60 to $72 and the firm reiterated its outperform rating on the stock. Shares of SINA slipped 2.4% to $53.59. Shares of Hong Kong-based City Telecom ( CTEL) surged 16% after the company said profits jumped 162% year-on-year to HK$47.8 million and total revenue rose 10.9% to HK$623.8 million, due to strong demand for Fixed Telecommunications Network Services (FTNS) business. The company said FTNS revenue increased by 19.1% year-on-year to HK$474.9 million and new subscribers totaled 43,000 to 726,000. Shares of CTEL traded up 80 cents to $5.75. Leading the gainers list among stocks based in China Monday were, China Precision Steel ( CPSL), which ripped higher by 33% to $7.96; ATA ( ATAI), which jumped 16% to $14.60; LJ International ( JADE), which added 12% to $3.90; and China Shenghuo Pharmaceutical ( KUN), which traded up 10.9% to $5.49. Be sure to check out the Far East Portfolio at Stockpickr.com 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 at TheStreet.com.