Friday's Asia ADR Recap

Market speculation was swirling around Indian telecom company Tata Teleservices that a major foreign player is looking to take a stake. Some of the companies that could be interested include South Korea Telecom (SKM Quote - Cramer on SKM - Stock Picks), NTT DoCoMo (DCM Quote - Cramer on DCM - Stock Picks), KDDI of Japan and China Unicom (CHU Quote - Cramer on CHU - Stock Picks), according to the timesofindia.com.

Indian global communications company Tata Communications (TCL Quote - Cramer on TCL - Stock Picks) is the second largest shareholder in Tata Teleservices. Shares of Tata Communications closed up 0.8% at $24.80.

India's largest Internet company, Sify Technologies (SIFY Quote - Cramer on SIFY - Stock Picks), is planning to list its shares on the Indian stock market to capture growth in smaller cities, said Chairman and CEO Raju Vegesna. Vegesna told the Economic Times that Sify will move into 40-50 towns each quarter and provide network services to businesses and then set up cyber cafes for broadband connections for individuals. Shares of Sify finished essentially flat at $4.79.

Leading the gainers list among Indian ADRs Friday were Rediff.com India (REDF Quote - Cramer on REDF - Stock Picks), which added 9% to $9.29; Icici Bank (IBN Quote - Cramer on IBN - Stock Picks), which rose 5.4% to $47.20; and HDFC Bank (HDB Quote - Cramer on HDB - Stock Picks), which traded up 4.6% to $114.88.

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

Stocks in China pulled back Friday as investors in the Far East locked in profits after the Hang Seng Index gained more than 12% in the last month and the Shanghai Index soared 15% over the past five days. Local dealers said volatility could pick up in the near term as speculation mounts that the Chinese government will implement more measures aimed at boosting share prices.

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