NaAtMaD – News and Articles that Make a Difference

Stocks in India rose Friday as investors shook off government data that showed inflation hit a three-and-a-half year high. India’s wholesale price index jumped to 7.83% for the week ending May 3, vs. 7.61% for the previous week, due to sharp increases in the price of foods and manufactured goods. Traders said inflation could go even higher, which sent the rupee falling to multi-year lows against the dollar.

The market “had anticipated a rise in inflation and discounted it,” said Hitesh Agarwal, research head at Angel Broking. “There’s consensus that government measures will bring it down to 6% in a few weeks.”

The Bombay Stock Exchange’s Sensex Index added 81.40, or 0.5%, to 17,434.94.

Shares of Indian mining company Sterlite(SLT – Cramer’s Take – Stockpickr) surged 4.9% after TheStreet.com’s Jim Cramer advised buying the stock on CNBC’s “Stop Trading!” show Friday. Cramer said SLT will benefit from China’s demand for zinc, copper and aluminum. American depositary shares of Sterlite, which trade on the NYSE, closed up 90 cents to $21.82 on three times the average daily volume.

Indian information technology company Wipro(WIT – Cramer’s Take – Stockpickr) announced it will seek shareholder approval to enter the renewable energy business market. In a notice to shareholders, the company said it plans build custom solar and renewable energy plants and offer customized solutions for solar, small turbines, biogas, biomass fuel and geothermal energy systems. Shares of WIT slipped 2.4% to $13.27.

Premiere Global Services(PGI – Cramer’s Take – Stockpickr) announced it has formed a partnership with global communications provider Tata Communications(TCL – Cramer’s Take – Stockpickr) to jointly market business solutions supported by the Premiere Global Communications Operating Systems (PGiCOS), which will include Web conferencing and collaboration applications. Under the terms of the deal, Premiere Global will install and deploy its PGiCOS communications technology in India with Tata Communications providing network infrastructure, service and sales channels to the Indian market. Shares of TCL traded up 1% to $24.05.

Leading the decliners among Indian ADRs Friday were Patni Computer Systems(PTI – Cramer’s Take – Stockpickr), which fell 2.1% to $13.48; HDFC Bank(HDB – Cramer’s Take – Stockpickr), which dropped 1.6% to $108.05; and WNS(WNS – Cramer’s Take – Stockpickr), which closed down 1.1% to $17.96.

Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news. — according to TheStreet.com