Tuesday's Asia ADR Recap: Dr. Reddy's

China Techfaith (CNTF Quote), a leading handset design and software solution provider, announced its first-quarter revenue soared 81.8%, due to strong performance from its original developed product (ODP) business. The company said revenue came in at $49.6 million, vs. previous guidance of $48 million to $49 million and net profit was $2.86 million, or 7 cents per American depositary share, vs. a net loss of $3.43 million, or 8 cents a share, a year ago. Looking forward, China Techfaith said second-quarter revenue should be in the range of $52 million to $54 million, vs. Wall Street estimates of $51.95 million. Shares of CNTF plunged 16% to $5.56 on heavy volume.

Some noticeable movers to the upside among China-based stocks Tuesday were Ninetowns Internet Technology Group (NINE Quote), which jumped 9% to $2.65; Uranium Participation (U Quote), which surged 6.7% to $9.60; Canadian Solar (CSIQ Quote), which added 4.7% to $45.12; and Fuwei Films (FFHL Quote), which advanced by 4% to $3.42.

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.

For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.