Wednesday's Asia ADR Recap

Indian markets broke a three-day losing streak Wednesday by finishing to the upside in another volatile trading session. The Bombay Stock Exchange Sensitive Index gave back almost 500 points from the day's highs to close up 123.78 points, or 0.8%, at 15,750.40.

"Everybody is assuming that the financial crisis is over. I think it's over," said Francis Lun, general manager at Fulbright Securities. "The U.S. Federal Reserve has used up almost its entire arsenal. But if anything bad happens again, I think the markets may crash."

Indian automobile maker Tata Motors (TTM Quote) said it plans to list depositary receipts on the Tokyo Stock Exchange in an effort to raise more than 100 billion yen ($938 million) for acquisitions in Japan, according to the Nikkei Daily. American depositary shares of TTM closed essentially flat at $16.10.

Indian Internet and enterprise service provider Sify Technologies (SIFY Quote) announced that the company plans to migrate its financial reporting to the International Financial Reporting Standards (IFRS). Sify had previously reported ITS financial results under US GAAP principles. "Our vision and standards have always been global, so it is fitting that Sify is taking the initiative to transit to globally followed accounting standards with our annual financial results statements as per IFRS," said M P Vijay Kumar, Sify's CFO. Shares of Sify fell 2% to $4.76. ...