Wednesday's Asia ADR Recap: Solarfun

Wipro (WIT Quote), a top information technology company based in India, announced it has entered into an agreement with SAP AG (SAP Quote) to provide support for SAP software solutions. Under the terms of the deal, Wipro will launch a so-called solutions lab at its Sarjapur location to help companies evaluate SAP software, build proof-of-concepts and leverage infrastructure to test solutions before making purchasing decisions through the use of Web 2.0 applications like blogs, Wikis and virtual worlds. Shares of Wipro closed lower by 2.1% to $12.97.

India's leading automaker Tata Motors (TTM Quote) said its board will look into multiple ways to raise long-term capital at a company meeting scheduled for May 28. Shares of TTM fell 1.8% to $15.53.

Among the few Indian ADRs, or stocks with exposure to India, to advance Wednesday were Syntel (SYNT Quote), which jumped 1.2% to $31.70; WNS Holdings (WNS Quote), which rose 1% to $17,58; and Dr. Reddy's Laboratories (RDY Quote), which added 1% to $15.03.

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 traded higher Wednesday, led by strength in the energy sector on speculation that Beijing will hike the initial price for the windfall tax on oil sales to $60 a barrel from $40.

"The rumor on the windfall tax has been around for a while, but investors seized upon it as a reason to buy oil refiners, which have fallen to where their valuations are attractive anyway," said Tang Xiaosheng, a strategist at Guosen Securities.