Strong global cues helped push Indian stocks to a one-week high on Monday as Far East investors found bargains in banking, realty and information technology names. Market players said Asian stocks were helped by a strong rally in the dollar against the yen and by the easing of crude oil prices after news broke that Saudi Arabia plans to increase oil production in July by a half-million barrels a day."We are following the global markets rally," said Jayesh Shroff, who helps manage abound $7.5 billion at SBI Asset Management Company. The Bombay Stock Exchange's Sensex Index traded up 206.20 points, or 1.4%, to 15,395.82. Here's a look at how some India-based American depositary shares traded in the U.S. on Monday. The index committee for the Bombay Stock Exchange has introduced some changes to the firms that make up the Sensex index. Starting on July 28, Tata Power and Sterlite Industries ( SLT - Get Report) will replace Ambuja Cements and Cipla. American depositary shares of Sterlite, which trade on the NYSE, added 1.3% to $18.63. Citigroup upgraded India-based banking giant HDFC Bank ( HDB - Get Report) from hold to buy and set a price target of $105 per share. In a note to clients, a Citigroup analyst said: "The stock is 35% off its peak, the operating business and outlook remain un-dampened. HDFC Bank is still not cheap, but the market usually is prepared to pay for quality in tough times. Now is the time to buy, in our view." Shares of HDFC Bank jumped 1.3% to $85.76. WNS Holdings ( WNS - Get Report), a Mumbai-based provider of offshore business process outsourcing services, announced it has acquired U.K.-based SAP solutions provider Business Applications Associates. The buyout will help WNS service global clients in transforming shared finance and accounting functions. Shares of WNS fell 1% to $18.32.
Indian information technology services and consulting leader Satyam Computer announced it has won Tier 1 engineering and supplier status from European Aeronautic Defense and Space, the parent company of Airbus. Satyam was awarded the honor after a difficult selection process that included over 2,000 other suppliers. Shares of Satyam lost 1.2% to $26.95. 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.
Chinese independent oil and gas exploration and production company CNOOC ( CEO) announced it has inked an agreement to obtain liquefied natural gas, or LNG, from French oil and gas company Total ( TOT). Under the terms of the deal, Total will supply one million tonnes of LNG per year starting in 2010. Shares of CNOOC declined 62 cents at $167.08. Sterne Agee started coverage on Chinese operator of out-of-home advertising networks VisionChina Media ( VISN) with a buy rating. In a note to clients, a Sterne Agee analyst said: "There are significant potential expansion opportunities in the LCD display network and
thecompany's business model is poised to drive robust results in the long term." Shares of VisionChina finished essentially flat at $16.84. Sterne Agee also initiated coverage on Chinese digital media network operator AirMedia Group ( AMCN), with a buy rating and $21 price target. The firm believes that AirMedia Group will benefit from further penetration in secondary cities, the emerging frame business and price increases in bigger markets. Shares of AirMedia lost 2.3% to $15.98. An intraday record high for crude oil prices and heavy short covering helped to take up shares in Chinese solar stocks on Monday. Shares of Solarfun Power Holdings traded up 15% to $21.59; ReneSola ( SOL) ripped higher by 12% to $20; China Sunergy ( CSUN) blasted up 10% to $12.01; JA Solar Holdings ( JASO) rose 7.8% to $20.97; and LDK Solar ( LDK) jumped 7.2% to $40.97. 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.