TTM is another ADR that I like a lot. It has been beaten up by rising Indian interest rates, which have been rising because of anti-inflationary policy by the Reserve Bank of India (RBI). I think that this is an indirect rate play - we have seen the price of oil drop from $145 to around $115, which should lower the inflation outlook by the RBI and perhaps even encourage it to lower rates, which are currently at 9%.

TTM also recently announced that they were decreasing the size of their proposed rights offering. I believe that this announcement has yet to be disseminated into the market as the stock is trading on very low volume today and is actually down for the day.