Stocks in India advanced for the second day in a row on Thursday as traders covered shorts and rolled over their derivatives contracts that were set to expire later in the day. Also helping the rally was a strong showing from Indian software stocks such as Wipro ( WIT) and Infosys ( INFY), following a move by Citigroup ( C) that raised its earnings estimates for the software sector due to an adjustment higher for the rupee against the U.S. dollar. "The markets rose on continued short-covering. We may, however, see unwinding of positions if inflation data is weak tomorrow," said Bhaskar Kapadia, a partner with brokerage Pyramid Securities. The Bombay Stock Exchange's Sensex Index rose 201.75 points, or 1.4%, to 14,422.82. Here's a look at how some India-based American depositary shares traded in the U.S. on Thursday. Satyam Computer Services ( SAY), an India-based consulting and information technology service provider, announced it has formed a strategic alliance with U.S.-based Sciformix Corporation, a life science knowledge process outsourcing firm, to deliver end-to-end data management services in Pharmacovigilance. The two companies will work together to help pharmaceutical and biotechnology companies improve the safety of their products while saving on costs and adding scalability. American depositary shares of Satyam Computer, which trade on the NYSE, slipped 6% to $24.38. Cognizant Technology Solutions ( CTSH), a U.S.-based information technology, consulting and technology services company with a large to exposure to the Indian market, was selected by KeyCorp ( KEY), a financial services company, as the technology vendor of 2007 for enterprise technology development. The company said it picked Cognizant because it provided innovative solutions that helped enhance product development and utility along with business agility and speed-to-market. Shares of Cognizant Technology fell 5.6% to $32.51.
Leading the decliners list among Indian ADRs Thursday were HDFC Bank ( HDB), which plunged 5.5% to $72.76; Tata Motors ( TTM), which fell 5.4% to $10.66; Wipro ( WIT), which lost 5.2% to $12; and ICICI Bank ( IBN), which finished down 5.1% to $31. One bright spot among Indian ADRs was Sify Technologies ( SIFY), which soared 7.7% to $4.18 on heavy volume. 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.
Crude oil touched a record high of $140 per barrel on the New York Mercantile Exchange Thursday after Libya threatened to cut production. Despite the sharp rise, Chinese alternative energy stocks were hit hard with selling pressure. Shares of China Sunergy ( CSUN) fell 16% to $9.20; Trina Solar ( TSL) slipped 11% to $33.67; ReneSola ( SOL) dipped 9% to $17.34; Suntech Power ( STP) lost 7% to $38.45; and JA Solar ( JASO) dove 6.8% to $17.85. Oppenheimer downgraded WuXi Pharma Tech ( WX), a leading pharmaceutical, biotechnology and medical device research and development company with operations in China and the U.S., to perform from outperform. Shares of WuXi Pharam fell 1.4% to $20.14 on the news. China-based specialized motor manufacturer Harbin Electric ( HRBN) announced it sold 3.5 million shares at $14.13 each to institutional investors in a private placement, netting the company $49.5 million. The company plans to use the money raised for working capital and corporate purposes, including the financing of a recent acquisition of an industrial rotary motor business. Shares of Harbin moved down 4.1% to $14.81 on above-average volume. Be sure to check out the Far East Portfolio at Stockpickr.comevery night to find out which stocks in India and China are making big moves and announcing major news.