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Updated from 6:36 p.m. EDT

Indian markets shook off early weakness and finished higher Wednesday led by a strong earnings report out of regional banking player

YES Bank

. Yes Bank reported better-than-expected fourth-quarter numbers and said the bank had no marked-to-market derivative exposure risk on its balance sheet.

Dealers in the region said short-sellers scrambled to cover bearish bets on the Indian equity market inspired by hopes that many Indian banks could be exposed to significant derivative risk. The Bombay Stock Exchange Sensitive Index rose 202.89 points, or 1.3%, to 15,829.59.

Leading Indian automaker

Tata Motors

(TTM) - Get Tata Motors Ltd Limited Report

announced it plans to set up a manufacturing center for trucks and buses in South Africa in an effort to expand into more global markets. The new plant will be located in Rossllyn, South Africa, according to managing director Ravi Kant. American depositary shares of Tata Motors closed down 1.5% at $15.44.

Elsewhere, in the Indian technology sector, Senators Dick Durbin (Democrat-Illinois) and Chuck Grassley (Republican-Iowa) have written a letter to 25 H1-B visa users, which included nine Indian technology companies, seeking information on how these firms determine the requirements for high-tech workers when issuing the visas. Among the Indian companies that received the letter were


(WIT) - Get Wipro Limited Report



(INFY) - Get Infosys Limited American Depositary Shares Report


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Satyam Computer

( SAY),

Tata Consultancy Services


Cognizant Tech Solutions

(CTSH) - Get Cognizant Technology Solutions Corporation Report


Patni Computer Systems

(PTI) - Get Proteostasis Therapeutics, Inc. Report


I-Flex Solutions


Larson & Toubro Infotech


Mphasis Corporation

. Each of the above-mentioned U.S. publicly traded stocks ended at least 2.5% lower Wednesday, save for Patni, which ended its NYSE trading session flat.

"We need to ensure that firms are not misusing these visas, causing American workers to be unfairly deprived of good high-skill jobs here at home," the Senators said in the letter sent April 1.

Be sure to check out the

Far East Portfolio

at every night to find out which stocks in India and China are making big moves and announcing major news.

China Recap

Stocks in China fell sharply Wednesday as market players in the Far East reacted to bearish comments in the meeting minutes out of the

Federal Reserve

. Analysts in the region said investors are also concerned about the outlook for global economies, after an IMF report on Tuesday said the U.S. subprime crisis could add up to $945 billion for global financial markets.

"The worst of the crisis is not yet over. It may last until the end of the year. Investors will go for cover and sell their holdings," said Francis Lun, general manager at Fulbright Securities.

The Shanghai Composite Index declined 198.63 points, or 5.5%, to 3,413.91 and Hong Kong's Hang Seng Index dropped 327.12 points, or 1.4%, to 23,984.57.

Leading Chinese advertising company

Focus Media

( FMCN) saw its shares drop 6.5% Wednesday, after analysts at Piper Jaffray and Goldman Sachs cut their EPS estimates for the company. Piper's Aaron Kessler cut his 2008 EPS estimates to $1.42 from $1.51 and for 2009 to $2.08 from $2.23. Kessler also cut his price target to $68 from $86, citing a decision by

China Mobile

(CHL) - Get China Mobile Ltd. Report

to cut off SMS services to Focus Media due to issues over text message spam. Goldman's James Mitchell slashed his EPS estimates for 2008, 2009 and 2010, but kept his buy rating and $66 price target. American depositary shares of Focus Media finished lower by $2.41 to $34.64.

Chinese interactive entertainment media company

Shanda Interactive

( SNDA) announced it has appointed Haifa Zhu as its chief investment officer and Danning Mi as chief information officer. Shares of SNDA rose 0.63% to $28.95.

Chinese provider of module design products

Comtech Group


announced it has singed a $10 million supply contract to provide telecommunications products to Chinese network solutions provider


. Under the terms of the deal, Comtech will supply ZTE with telecom products beginning this quarter and look to finish the order by the end of 2008. Shares of Comtech traded off by 1.9% to $11.22.

Chinese oil and gas majors


(PTR) - Get PetroChina Company Limited Report



(CEO) - Get CNOOC Ltd. Report

are reportedly close to inking a deal to buy liquefied natural gas (LNG) from Qatar to meet rising domestic demand, according to



PetroChina has also asked


(CVX) - Get Chevron Corporation Report

to begin producing natural gas in southwestern China in 2009, as part of a deal singed last year, according to the company's Web Site. Shares of PTR fell 4.3% to $130.90 and shares of CEO closed lower by 3.8% at $152.78.

Leading the losers list among Chinese ADRs Wednesday were



, which fell 11% to $4.85;

China Eastern Airlines

(CEA) - Get China Eastern Airlines Corporation Ltd. Report

, which dropped 7% to $44.50;

China Finance Online

(JRJC) - Get China Finance Online Co. Limited Report

, which shed 6.2% to $15.10; and

Guangshen Railway

(GSH) - Get Guangshen Railway Co. Ltd. Report

, which closed down 6.1% to $25.91.

Be sure to check out the

Far East Portfolio

at every night to find out which stocks in India and China are making big moves and announcing major news.

For more on Asia, check out

Daniel Harrison's coverage



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