Updated from 5:08 p.m. EDTIndian stocks cooled off Wednesday after Goldman Sachs issued some cautious notes on banks in the region. Profiting-taking also hit the Far East as investors looked to lock in gains following a large one-day point gain Tuesday. "The Sensex Index is likely to move in a narrow range and digest gains after the strong rise in the past four days," said Deven Choksey, chief executive officer at K R Choksey Shares & Securities. The Bombay Stock Exchange Sensitive Index lost 130.66 points, or 0.8%, to 16,086.83. The long-awaited sale of Ford Motor's ( F) luxury car brands Jaguar and Land Rover to Tata Motors ( TTM) closed Wednesday. Tata announced it purchased the brands for $2.3 billion and Ford will contribute around $600 million to the Jaguar-Land Rover pension fund. Ford originally purchased Jaguar for $2.5 billion and Land Rover for $2.7 billion. American depositary shares of Tata Motors, which trade on the NYSE, fell 6.8% to $16.18 on the news. In the Indian technology sector, Satyam Computer ( SAY) has entered into a strategic partnership with SAP ( SAP) for the Middle East and North Africa region, according to the Business Standard. ADR shares of Satyam finished down 1.4% to $23.82. Indian banking ADRs came under selling pressure Wednesday after Goldman Sachs cut by 32% the price target for Icici Bank ( IBN), citing concerns that Indian banks will report lower revenue growth due to slowing loan and fee income growth. ADR shares of Icici fell sharply by 5.3% to $40.69, and HDFC Bank ( HDB) lost 2.6% to $101.75. Some of the few Indian ADRs to advance on the American exchanges was Internet network and commerce company Sify Technologies ( SIFY) and global communications firm Tata Communications ( TCL). ADR shares of Sify rose 2.7% to $4.30, and Tata Communications advanced 1.8% to $28. 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.
Leading Chinese-language Internet search provider Baidu.com ( BIDU) was hit with another lawsuit by a music company. According to a report at Redlinechina.com, Baidu is being sued by 5fad for violation of intellectual property rights for allowing free downloads of music via links from its Web site. A final court decision on this matter is expected to be announced in May. American depositary shares of Baidu finished higher by 2.5% at $241.50. Chinese manufacturer of solar cell products China Sunergy ( CSUN) reported a fourth-quarter net loss of $2.3 million, or 6 cents a share, vs. a net loss of $38 million, or $2.18 a share, a year ago. Sales came in at $71.5 million, vs. Wall Street estimates of $61 million. Full-year revenue jumped 57% to $234.9 million, vs. $149.5 million for 2006. The company also cut its production projections for 2008 to a range of 125 megawatts to 145 megawatts, vs. a prior estimate of 160 megawatts to 170 megawatts. China Sunergy closed down 3.2% at $7.39. China's largest electricity provider, Huaneng Power International ( HNP) announced a 16% drop in second-half earnings due to rising coal prices and increased competition. The company reported earnings of 3.3 billion yuan for the second half of 2007, vs. analysts' estimates of 3.6 billion yuan. Huaneng also announced plans to spend $8.9 billion by 2010 to expand capacity to meet demand as China economic growth continues to surge. Huaneng Power fell 3.2% to $28. 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. For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.