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| Indian ADRs gain $7 bn; Infosys leads the pack |
| Press Trust of India / New York Jul 26, 2009, 14:38 IST |
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Indian companies listed on the American bourses added $7 billion to their valuation last week, with IT bellwether Infosys alone accounting for one-third of the gains.
For the week ended July 24, Indian entities listed on the New York Stock Exchange and Nasdaq added $7.03 billion to their market capitalisation, with Infosys gaining about $2 billion.
The market capitalisation of IT major Wipro rose by $1.49 billion and copper producer Sterlite Industries grew by $1.15 billion.
Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was leading private sector lender ICICI Bank whose value shot up by $641 million.
On Saturday, ICICI Bank reported 20.63 per cent growth in standalone net profit at Rs 878.22 crore for the first quarter ended June 30. The bank had a net profit of Rs 728.01 crore in the June quarter of last fiscal.
However, during the week, internet firm Sify Technologies was the sole loser with a value erosion of $3.34 million.
Meanwhile, auto maker Tata Motors and IT firm Mahindra Satyam saw their respective valuations jump by $590 million and $499 million, respectively.
Besides, telecom firm Mahanagar Telephone Nigam (MTNL) valuation went up by $142 million, while that of pharma major Dr Reddy's Laboratories grew by $113 million.
Among other ADRs --- internet major Reddif.com, private sector lender HDFC Bank, outsourcing firms -- WNS Holdings, EXLService and Genpact, Tata Communications and IT entity Patni Computer Systems gained in the range of $7 million to $90 million.
The US markets were mixed last week with the Dow Jones Industrial Average moving up 0.26 per cent to 9,093.24 points and S&P 500 rising 0.40 per cent at 879.13 points. Also, tech heavy Nasdaq dropped 0.39 per cent to 1,965.96 points at the end of trade last week.
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