Monday's Asia ADR Recap

Updated from 4:54 p.m. EDT

Indian equities markets surged Monday as market participants pinned their hopes on strong quarterly results from some of India's heavyweight companies. Value hunters were also out buying up fundamentally strong stocks and traders were quick to cover short positions in the face of more reasonable valuations for stocks in the region.

"In the current market scenario, most of the top stocks are trading at 15 times forward earnings. We believe that we will see some consolidation in the next 15 months as well," said S Ranganathan, head of research at LKP Securities. The Bombay Stock Exchange Sensitive Index rose 413.96 points, or 2.7%, to 15,757.08.

Indian automaker Tata Motors ( TTM) announced it has raised its prices on trucks and buses by an average of 3.5% in an effort to offset surging raw material costs, according to company spokesman Debasis Ray. "Prices of raw material such as steel have shot up and we had to pass some of that to customers," Ray said. American depositary shares of Tata finished essentially flat at $16.05.

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In the Indian financial sector, HDFC Bank ( HDB) announced it will open up four new branches with two in Srinagar and one each in north and south Kashmir, according to greaterkashmir.com. HDFC also announced it will be opening off-site ATMs in the region for the first time. Shares of the bank closed 5.8% higher at $100.93.

Leading Indian offshore business process outsourcing (BPO) company WNS Holdings ( WNS) announced it has acquired U.K.-based auto insurance-claims-processing service provider Call 24/7 for $16 million in cash and a contingent earn-out payment of up to $3.2 million cash based on performance goals for the fiscal year ending March 31, 2009. Shares of WNS rose 1.6% to $17.65.

Among Indian ADRs that saw some solid upside action Monday were, Icici Bank ( IBN), which traded up 6.6% to $41.53, and Sterlite Industries ( SLT), which popped 5.1% to $19.88.

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

Asian markets jumped higher Monday with stocks in Hong Kong rising for the fourth day in a row, spurred by mainland China which surged over 4%. Market players in the Far East received a vote of confidence for Chinese stocks after legendary investor Jim Rogers said he has been buying up Chinese and Taiwan shares during the last few weeks, due to their recent selloffs, and he would look to buy more if those markets fall further.

In Hong Kong, the Hang Seng Index closed higher by 314.13 points, or 1.3%, to 24,578.76, and in China the Shanghai Composite Index finished up 153.37 points, or 4.45%, at 3,599.62.

Leading Chinese language Internet search engine Baidu.com ( BIDU) announced it has formed a strategic partnership with Chinese household electrical appliance manufacturer Qingdao Haier, to jointly promote online television services. Under the agreement, Baidu will provide Internet services like search to Haier's online television scheme, which will allow Chinese consumers access to Baidu's services via a remote control.

Baidu.com and rival Internet company Sohu.com ( SOHU) were hit with a copyright-infringement lawsuit for allegedly allowing illegal music downloading. The lawsuits brought by some large music labels claim $9 million in damages from Baidu.com and $7.5 million in damages from Sogou, a unit of Sohu.com, according to report in The Wall Street Journal.

The suit brought against Baidu.com is being initiated by Sony BMG Music Entertainment, a joint venture of Sony ( SNE), Bertelsmann AG, Time Warner's ( TWX) Warner Music Hong Kong and Vivendi SA's ( VIV) Universal Music. The lawsuits against Sogou included those firms and Gold Label Entertainment, a Hong Kong-based company backed by EMI Group. The suits represent the largest claim in dollar amounts ever by the music industry in China.

American depositary shares of Baidu closed higher by 2% at $300, and ADRs of Sohu finished down by 4.4% at $49.13.

CDC Software, a subsidiary of China's CDC ( CHINA), announced it has acquired a 22% stake in China's Tenly Software. The term sheet also leaves room for CDC software to raise its stake up to 37%. Both firms also plan to form a joint venture, with CDC Software providing services and support for Tenly customers, while Tenly sells CDC Software products to their customer base. CDC software will control 60% of the joint venture. Shares of CHINA finished up 3.2% at $4.14.

In the Chinese airline sector, Shanghai-based China Eastern Airlines ( CEA) said 21 flights last week were aborted by pilots of the company's subsidiary Yunnan Airlines as part of a staged strike and not canceled due to poor weather conditions, according to the company's Web Site. Local media reports said the strike was over pay and issues with pilots working for another airline. Some of the pilots involved in the strike and the general manager of Yunnan have been suspended. Shares of CEA rose 2.4% to $49.89.

Chinese online game operator The9 ( NCTY) announced it has named Tony Tse as its chief financial officer replacing Hannah Lee, effective April 7. Tse formerly worked at UOB Asia and served as vice president of equity capital markets for DBS Asia Capital. Shares of The9 rose 6% to $21.09.

Some Chinese ADRs that popped big Monday were China Finance Online ( JRJC), which surged 12% to $17.46, and CNinsure ( CISG), which spiked up 9.8% to $13.64; a few that made big drops were Yingli Green Energy ( YGE), which fell 11% to $20.13, and LDK Solar ( LDK), which lost 10% to $32.50.

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.

Stockpickr is a wholly owned subsidiary of TheStreet.com.

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