Friday's Asia ADR Recap: Infosys

J.P. Morgan also raised its price targets on Wipro (WIT Quote), Satyam Computer (SAY Quote) and HCL Technologies. Shares of Wipro jumped 2.3% to $14.16, and Satyam advanced 5.7% to $29.10.

Indian pharmaceutical giant Dr. Reddy's Laboratories (RDY Quote) has been granted tentative approval from the U.S. Food and Drug Administration for its generic version of Prilosec, according to the FDA's Web site. Shares of Reddy's moved up 2% to $16.27

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

Shares in mainland China traded higher Friday after the China Securities Journal circulated a report that said the China Securities Regulatory Commission is encouraging institutional money managers to make stabilization of the stock market their No. 1 priority ahead of the Olympics.

"This is nothing new, but it helps a little to boost market confidence," said Zhang Yang, strategist at Orient Securities. The Shanghai Composite Index gained 31.92 points, or 0.9%, to 3,433.35, and Hong Kong's Hang Seng Index added 149.13 points, or 0.6%, to 24,533.12. Here's a look at how some China-based American depositary shares traded in the U.S. Friday.

Shares of China Finance Online (JRJC Quote), a leading Chinese online financial information and listed company data provider, jumped 3.4% after the company said its first-quarter net income soared 353% due to higher revenue. The company said first-quarter net income came in at $3.51 million, or 15 cents per American depositary share, vs. $775,000, or 4 cents a share, a year earlier. First-quarter revenue surged 177% to $11.1 million, vs. $4.0 million a year ago. Looking forward, the company sees second-quarter revenue of $13 million to $13.5 million, vs. Wall Street estimates of $12.51 million, and full-year 2008 revenue of $56 million to $61 million, vs. estimates of $58.47 million. American depositary shares of China Finance, which trade on the Nasdaq, added 81 cents to $24.57.