Friday's Asia ADR Recap

Indian stocks were in high demand Friday despite a government report that showed inflation data hit a 13-month high. India's wholesale price index hit 6.68% for the period ended March 15, vs. estimates of 5.96%. Market players now fear that any possibility of a rate cut is off the table and a rate hike could now be in the cards for future central bank meetings.

The poor inflation data did little to keep large domestic mutual funds on the sidelines Friday. Window dressing was in full effect as funds bought across every sector to prop up their net asset valuations in front of the close of the fiscal year on March 31. The Bombay Stock Exchange Sensitive Index rose 355.73 points, or 2.2%, to 16,371.29.

In the Indian auto sector Tata Motors TTM announced it will be introducing its Xenon pick-up utility truck to the Thailand market. Tata broke the news at the Bangkok Motor Show and said it will import a knocked down kit and have it assembled at the plant of joint venture partner Thonburi Automotive Assembly.

Crisil rating agency, a division of Standard & Poor's Rating Services, cut its rating on Tata Motor's 40 billion rupees cash credit limit to AA- from AA+, on the heals of Tata's decision to buy luxury auto brands Jaguar and Land Rover from Ford Motor F. American depositary shares of Tata Motors closed higher by 1% at $15.79.

Leading Indian information technology company Satyam Computer SAY plans to continue to invest in Malaysia despite concerns over the political climate in the region, according to the Economic Times. "We are committed to growing our presence in Malaysia by embarking on an aggressive expansion initiative," said Virender Aggaarwal, director and senior vice president for Asia Pacific, Middle East, India and Africa. Shares of Satyam closed essentially flat at $22.90.

Elsewhere in the Indian technology sector, Infosys Technologies INFY announced it will be launching India's first porn-free broadband Internet services on April 1, 2008, according to tmcnet.com. Shares of Infosys finished flat at $36.30.

In the Indian banking sector, HDFC Bank HDB announced that Centurion Bank of Punjab's shareholders have approved their merger proposal, according to a filing to the Bombay Stock Exchange. Centurion will now look for approval from the Reserve Bank of India to finalize the deal. Shares of HDFC fell 1% to $101.37.

Some hot movers among Indian ADRs Friday were Sify Technologies SIFY, which added 4.5% to $4.43; Sterlite Industries SLT, which advanced 3.6% to $18.65; and Dr. Reddy's Laboratories RDY, which closed up 2.6% to $14.66.

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 ripped higher Friday with stocks in both mainland China and Hong Kong registering solid gains. Rumors of a stamp-duty cut hit the Far East for the second time in two weeks -- giving investors some much needed confidence to buy equities. The Chinese government continues to neither deny nor support the rumors. Dealers in the region predict the market will give back any gains if the rumors turn out to be untrue.