Tuesday's Asia ADR Recap

According to the Economic Times, India's largest auto maker, Tata Motors(TTM), has decided to pay its Nano venders a majority of the cost difference for skyrocketing steel prices. The vendors are also seeking concession for furnace oil, aluminum, other alloys and energy costs. However, not all of the vendors will see immediate economic relief. The cost absorption will be initiated for when certain parts go on stream leaving some vendors out in the cold until the Nano is closer to final production. Shares of Tata Motors slipped 3.2% to $10.99.

Indian mining giant Sterlite Industries(SLT) plans to sell $2 billion of bonds, according to an unidentified investor source cited by Reuters. The company will issue 5.5-year bonds that yield 8.25% and 10-year bonds that will yield 9%. Some of the proceeds from the sale could be used to fund the $2.6 billion purchase of the operating assets of miner Asarco. Shares of Sterlite moved down 1.4% to $16.84.

The only Indian ADR to close in the green Tuesday was Dr. Reddy's Laboratories(RDY), which closed higher by 1.5% to $15.53.

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 mixed on Tuesday, with shares in mainland China rising on bargain-hunting and stocks in Hong Kong dropping, led by property companies. Traders in the Far East said market players are staying on the sidelines ahead of the U.S. Federal Reserve meeting set for Wednesday.