Cognizant Technology Solutions ( CTSH) dipped 7.4% last week. Analysts at Piper Jaffray reaffirmed an overweight rating on the stock last week. Tata Communications ( TCL) eroded 7.4% in value at the end of the past week. Dr. Reddy's Laboratories ( RDY) slipped 6.4% after a U.S. drug maker, The Medicines Company, sued Reddy's alleging patent infringement for manufacture of generic bivalirudin. Banking Stocks ICICI Bank ( IBN) and HDFC Bank ( HDB) declined 4.6% and 4.4% at close last week. India's central bank raised its key policy rate by half a percentage point to 7.25% last week, aimed at taming inflation. Consequently, this move could affect banks' profitability and render home and auto loans costlier. Following the rate hike, carmaker Tata Motors ( TTM) fell 4.3% at the end of last week. Brazil: Winners and LosersEmbraer ( ERJ) topped the advancers' list, gaining 3.4% after its first quarter results beat estimates. Earnings per share increased to 58 cents from 13 cents in the year-ago quarter, while revenue escalated 6.4% for the same period. For 2011, the company reaffirmed its revenue guidance to touch $5.6 billion while EBIT came in at $420 million. TAM ( TAM) was up 2.8% at close last week after the company announced its partnership agreement with Princesa do Agreste, an interstate bus company that operates in 29 cities of Ceara, Pernambuco and Piaui. This will enable the company to offer its air tickets through Princesa do Agreste's sales counters. CPFL Energia ( CPL) edged 1.1% higher last week. Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP ( SBS) inched up 0.9% during the last week. Companhia de Bebidas das Americas-AmBev ( ABV) rose 0.7% after the company recorded positive first quarter results. Net sales for the quarter increased 7.2% to $3.8 billion from the year-ago quarter while earnings per share were up 25.7% to 33 cents. Meanwhile, Fitch upgraded its local currency and foreign currency long-term Issuer Default Rating to 'A-' from 'BBB' with a positive outlook. TIM Participacoes ( TSU) advanced 0.5% after the company recorded a 14% increase in its revenue. Also, net income tripled to $135 million from the year-ago period. Also, the company's subscriber base widened 24.7% during the same period. Gerdau ( GGB) emerged top loser at close last week, erasing 11.2%. The company's first quarter 2011 net income dropped 29% year-over-year to $246.4 million, mainly dented by higher cost of sales and operating expenses.