Tuesday's Asia ADR Recap

Updated from 5:28 p.m. EDT

Indian stocks advanced Tuesday led by positive fourth-quarter results out of global IT player Infosys Technologies (INFY Quote). Investor sentiment in the Far East shot up off the strong report from Infosys, and market players are now hopeful that the firm's bullish forecast could be signaling a new boost to India's economy.

"More software development work will come to India as price pressures bite into U.S. companies," said Arun Kejriwal, head of research firm KRIS. The Bombay Stock Exchange's benchmark 30-stock Sensex Index climbed 346 points, or 2.2%, to 16,154 points.

Infosys Technologies posted a 32% rise in fourth-quarter revenue and a 20% jump in net income, and it forecasted full-year revenue growth of 19% to 21%. Revenue for the fourth quarter came in at $1.14 billion, vs. $863 million for the prior year and net income was $311 million, or 54 cents a share, vs. $259 million, or 45 cents a share, for the previous year. Infosys sees full-year EPS of $2.31 to $2.35, vs. Wall Street estimates of $2.37 and full-year revenue of $4.97 billion to $5.05 billion, vs. Wall Street estimates of $5.24 billion. Infosys also declared a special dividend of 50 cents per American depositary share. Infosys, whose ADS trade on the Nasdaq, rose 8.5% to $39.67. ...