NEW YORK ( Karvy Global) -- Last week, Brazil's Bovespa gained 1.3%, while India's Nifty and China's Shanghai Composite Index fell 1.8% and 2.6%, respectively. Meanwhile, the Dow Jones and S&P 500 rose 1% and 1.7%, respectively.
WNS Holdings ( WNS) edged up 5.3%. On Jan. 10, the company announced that it has completed its scheduled term loan repayment of $20 million on its existing $94 million term loan facility, conforming to the payment terms. Syntel ( SYNT) rose 3.4% past week after analysts at Wells Fargo upgraded the stock's rating to outperform from market perform. Deutsche Bank also upgraded the stock to "buy" from "hold" with a 15% upside potential, based on expected strong fourth-quarter results. iGATE ( IGTE) emerged a major loser, down 15.2% after Zacks Investment Research downgraded the stock to neutral from outperform. In addition, ratings agency ICRA placed the issuer rating of IrAA on iGATE on rating watch with negative implications. The ratings agency said that besides potential integration challenges with Patni Computers ( PTI), the eventual funding mix of debt and equity is also a critical aspect for the company. Infosys ( INFY) lost 6.6% after the company's chief financial officer said that although currency fluctuations can be managed up to a certain extent, extreme volatility in world currencies is likely to affect the company adversely. Patni Computers shed 3.8% past week. Wipro Technologies ( WIT) dipped 2.2% last week. The company is due to publish its results for the quarter ended Dec. 31 on Friday. Lastly, HDFC Bank ( HDB) declined 2.1%. Last week, reports were rife that India's central bank is likely to raise key interest rates by 25 to 50 basis points, after reviewing the country's monetary policy in January. The chairman of HDFC Bank expressed concern that higher interest rates would affect retail and housing loans.
Brasil Telecom ( BTM) increased 4.5% last week. TAM ( TAM) edged up 4.1%. Analysts at Zacks Investment Research upgraded the airline company to outperform from neutral, based on the total synergies of $400 million expected from the Lan Airlines ( LFL)-TAM merger. Of the total amount, $133 million is expected to be realized during the first year of transaction close and the remaining over the next two years. The deal is likely to close in mid-2011. Among the major losers, Companhia de Bebidas das Americas - AmBev ( ABV) lost the most, 7%, after Goldman Sachs downgraded the stock to neutral from buy. In addition, last week a survey by 100 Brazilian economists raised Brazil's 2011 inflation forecast for the fifth consecutive week to 5.34%, up from the earlier 5.32%. Braskem ( BAK) followed, declining 4.3%. However, Fitch affirmed Braskem's Issuer Default Ratings at BB+ with a positive outlook. The company is seeking to invest $179 million in a new plant producing butadiene, boosting the company's total production by almost 30% by 2013. Among others, Net Servicos de Comunicacao (Net Servicos) ( NETC) shed 2.6%.