Telecommunication companies Mahanagar Telephone Nigam ( MTE) and Tata Communications ( TCL) ended this past week losing 12.3% and 12%, respectively. Last week, the Indian Department of Telecom (DoT) revealed that MTE has an outstanding due of INR 27.81 crore to the government, arising due to default in payment of annual license fee. Also, TCL has a maximum outstanding interconnection usage charges (IUC) of more than INR 290.18 crore. Brazil Winners & Losers Brazil's Bovespa eroded a marginal 0.4% at close last week, as the Brazilian real (BRL) appreciated to rally stock markets. Last week, the BRL gained following a gain in global stock markets coupled with a decline in credit risk after European leaders moved to ban on short-selling. Major movers were CPFL Energia ( CPFL), up 7.4%, followed by Companhia de Bebidas das Americas-AmBev ( ABV), which increased 7.1% after it was mentioned in billionaire Jim Simons' hot stock picks. Airline stock Tam ( TAM) gained 6% last week after the antitrust unit of Brazil's finance ministry recommended its first approval for the LAN-TAM merger. This is the first of the three antitrust approvals before the completion of the merger. Ultrapar Participacoes ( UGP) rose 5.2% last week. On Aug. 18, 2011, the company went ex-dividend with shareholders being eligible for a dividend of 29 cents per share. UGP has a dividend yield of 3.3%. o Communication stocks like Telecomunicacoes de Sao Paulo (TELESP) ( VIV) and TIM Participacoes ( TSU) lost 3.6% and 2.1%, respectively. Last week, TELESP announced a share repurchase program to acquire almost 2.9 million own ordinary shares, accounting for less than 10% of its outstanding shares. Embraer ( ERJ) was the top loser, trimming 3.6%. Homebuilder Gafisa ( GFA) dropped 3.5% after its peer Rossi Residencial's evalue eroded considerably on poor quarterly results. GFA has also cut its forecast on EBITDA margin to range from 16% to 20%, from the earlier 18% to 22%. Basic material stocks, Vale ( VALE) and Companhia Siderurgica Nacional (CSN) ( SID) fell 3.4% and 3.1%, respectively. China Winners & Losers On the Shanghai Index, pharma stock China Shenghuo Pharmaceutical Holdings ( KUN) was among the top gainers, surging 24.1% after recording positive 2011 second-quarter results. For the quarter, KUN reported 58% year-over-year increase in total revenue to $10.9 million. Net income for the quarter came in at $104,325 as against a net loss of $31,192 for the year-ago quarter.