Mahanagar Telephone Nigam ( MTE), the state-owned telecom major, lost 5.2%, after posting a $136 million loss for the third quarter, as against a net profit of $4.8 million during the year-ago quarter. For the same period, net sales were up 10.1% to $237 million. Sify Technologies ( SIFY), an integrated Internet, network, and electronic commerce services company, declined 4.4%. The company reported a second-quarter loss of $3.38 million, higher than $2.62 million reported during the same quarter in the prior year. Revenues slumped to $38.16 million from $38.69 million generated last year. Cognizant Technology Solutions ( CTSH), an IT services provider, decreased 2.8%. Although the recent quarter results were better than projected, investors expected more from the company's earnings report. Among others, Rediff.com ( REDF) was the biggest loser, down 8.1%. Brazil: Winners and LosersEmpresa Brasileira de Aeronautica ( ERJ), the world's fourth-largest aircraft manufacturer, gained 8.2% on analysts' upgrades. Bank of America has upgraded the stock's rating to "buy" from "underperform." Among others, Banco Bradesco ( BBD), Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) ( SBS), TIM Participacoes ( TSU), and Companhia Paranaense de Energia (COPEL) ( ELP) jumped 8.2%, 8.1%, 7.6%, and 7.2% respectively. Banco Itau Holding Financeira ( ITUB), Brazil's largest private bank in terms of assets, gained 6.8% on its share buyback program. The lender has approved a share repurchase program worth $1.58 billion, including 9 million common shares and 56.7 million preferred shares. Petroleo Brasileiro ( PBR) rose 5.9% on positive calls from a brokerage firm. Analysts at Banco Pactual (BTG) reinstated coverage of the stock, maintaining the previous "buy" rating and alleged that the earlier panic share selling was clearly unwarranted. Emerging as the sole loser, Tele Norte Leets Partricipacoes ( TNE) dipped 1.8%.