Cognizant Technology Solutions ( CTSH) dipped 2.9%. The company declared a 200% bonus payment for the year ended December 2010 for its top-performing employees, while the average bonus payment for the year was 165%.

Among others, Dr. Reddy's Laboratories ( RDY) and Tata Motors ( TTM) lost 2.8% each last week.

Brazil: Winners and Losers

Companhia Brasileira De Distribuicao ( CBD) headed the gainers' list last week, adding 3.6%. Brasil Telecom ( BTM) accumulated 2.9% after Fitch Ratings upgraded the company's $200 million notes to BBB from BBB- and revised its outlook to stable from positive. Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP ( SBS) gained 2.2% after Standpoint Research upgraded its rating from hold to accumulate with a price target of $65.

Brazilian airline Gol Linhas Aereas Inteligentes ( GOL) notched a 1.9% gain. It was revealed last week that Gol emerged the country's leading carrier in terms of local market share in February. Gol's domestic market share stood at 39.77%, compared with TAM's ( TAM) 39.59%. Embraer ( ERJ) was up 1.9% after the company approved the distribution of a dividend payment of $26 million in the form of interest on capital.

Banking stocks Banco Bradesco ( BBD) and Itaú Unibanco Holding ( ITUB) rose 1.6% and 0.9%, respectively. Last week, Banco Bradesco approved the payment of a monthly dividend of $0.007 per ordinary share and $0.008 per preferred share for April, payable May 2.

Heading the losers' list was major airline TAM, which declined 8.4% last week. The Chilean regulator announced that it would probe the proposed merger of LAN-TAM after a consumer group Conadecus filed a petition to the antitrust tribunal. Net Servicos de Comunicacao ( NETC) slumped 7.5%.

Telecom operator Vivo Participacoes ( VIV) followed, shedding 4.1%. Last week, Telefonica purchased $760 million worth, or 10.63 million shares of Vivo stock, from minority shareholders, or 70% less than its target bid of 15.22 million shares.

Companhia de Bebidas das Americas-AmBev ( ABV) shed 3.6%. However, as the third-largest brewer in Latin America, ABV plans to invest $1.5 billion in 2011 on capacity expansion. Morgan Stanley raised the company's 2011 EPS estimate to $1.64 from $1.56 and the 2012 estimate to $1.82 from $1.70.

Companhia Paranaense de Energia - COPEL ( ELP) dipped 2.6% past week. However, Zacks Investment Research upgraded COPEL to outperform from neutral with a price target of $32.