Wednesday's Asia ADR Recap

Mahanagar Telephone Nigam (MTE Quote), a state-owned telephone service provider announced its fourth-quarter net profit jumped 8% to 2.20 billion rupees, vs. 2.02 billion rupees from a year earlier. Total revenue for the fourth quarter rose 5.3% to 14.64 billion rupees, vs. 13.9 billion rupees from a year ago. Shares of MTE finished essentially flat at $5.57.

Indian drugmaker Dr. Reddy's Laboratories (RDY Quote) announced it has agreed to acquire German chemical company BASF's pharmaceutical contract manufacturing business in Shreveport, La., for $40 million.

"The acquisition will enable us to strengthen our supply chain for North America and provide a strong platform for pursuing additional growth opportunities," said managing director, Satish Reddy. Shares of RDY closed down 1% at $15.27.

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 stocks traded mixed Wednesday with shares in mainland China rising off strong earnings reports from financial and insurance companies, and shares in Hong Kong losing ground as investors booked gains ahead of the Federal Open Market Committee's (FOMC) interest rate decision.

"I think it's more a matter of caution and people are acting defensively because there's going to be some big news and there is a holiday in most of Asia the next day," said Andrew Sullivan, sales trader at Mainfirst Securities in Hong Kong.

The Shanghai Composite Index rose 169 points, or 4.8%, to 3,693 and Hong Kong's Hang Seng Index closed down 158 points, or 0.6%, to 25,755. The Shanghai markets will be closed on Thursday and Friday for the national May Day holiday and reopen on Monday, while the Hong Kong market will be closed Thursday for Labor Day.