Wednesday's Asia ADR Recap

Indian markets broke a three-day losing streak Wednesday by finishing to the upside in another volatile trading session. The Bombay Stock Exchange Sensitive Index gave back almost 500 points from the day's highs to close up 123.78 points, or 0.8%, at 15,750.40.

"Everybody is assuming that the financial crisis is over. I think it's over," said Francis Lun, general manager at Fulbright Securities. "The U.S. Federal Reserve has used up almost its entire arsenal. But if anything bad happens again, I think the markets may crash."

Indian automobile maker Tata Motors (TTM Quote) said it plans to list depositary receipts on the Tokyo Stock Exchange in an effort to raise more than 100 billion yen ($938 million) for acquisitions in Japan, according to the Nikkei Daily. American depositary shares of TTM closed essentially flat at $16.10.

Indian Internet and enterprise service provider Sify Technologies (SIFY Quote) announced that the company plans to migrate its financial reporting to the International Financial Reporting Standards (IFRS). Sify had previously reported ITS financial results under US GAAP principles. "Our vision and standards have always been global, so it is fitting that Sify is taking the initiative to transit to globally followed accounting standards with our annual financial results statements as per IFRS," said M P Vijay Kumar, Sify's CFO. Shares of Sify fell 2% to $4.76.

In the Indian banking sector, Icici Bank (IBN Quote) along with India's biggest utility vehicle manufacturer Mahindra & Mahindra announced they have purchased Italian gear manufacturer Metalcastello for a undisclosed amount, according to a regulatory filing. Shares of Icici finished down 4.2% at $39.45.

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.

China Recap

Asian markets advanced Wednesday, responding strongly to global cues from market rallies in the U.S. and Japan. However, the rebound in China's mainland stock market was capped with China's Shanghai Composite Index rising 18.72 points, or 0.6%, to 3,347.88 after rising more than 4% during the trading session.

"There should have been a real rebound after the last two days' losses, especially since the main securities newspapers carried stories today saying the government will move to support the stock market," said Xu Zhiyuan, a analyst at Fuqiang Investment.

Analysts said the rally in Hong Kong was fueled by hopes the U.S. credit crisis could be near an end. The Hang Seng Index jumped 734.97 points, or 3.2%, to 23,872.43.

Leading Chinese search engine Baidu.com (BIDU Quote) appointed former Apple (AAPL Quote) China executive Peng Ye as its chief operating officer, effective April 25. Peng Ye served as country general manager overseeing business operations at Apple China. American depositary shares of Baidu rose 3% to $281.48.

Chinese integrated telecommunications provider China Unicom (CHU Quote) was hit with a sell rating by Deutsche Bank, but the investment bank did raise its price target from HK$13.70 to HK$14.00. Deutsche said momentum for China Unicom will likely fade after the company completes its sale of its CDMA network to China Telecom (CHA Quote). On Tuesday China Telecom announced it had acquired state-owned Beijing Telecom for RMB5.6 billion. Shares of CHU dove 4.7% to $21.11, and CHA slid 3.3% to $63.68.

Deutsche Bank also upgraded Chinese mobile telecommunications company China Mobile (CHL Quote) to a buy rating and set a price target of HK$143.20. Shares of CHL finished down by 1.1% at $79.02.

In the Chinese alternative energy sector, Trina Solar (TSL Quote) announced it has inked a eight-year polysilicon supply contract with a subsidiary of Chinese company GCL Silicon Technology. Financial details for the contract weren't disclosed, but GCL has agreed to supply Trina with 2,600 megawatts of solar modules for the eight-year duration of the deal at fixed prices. Shares of Trina rose sharply on news trading up 15% to $37.75.