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| Indian ADRs gain $8 bn in a week |
| Press Trust of India / New York Mar 07, 2010, 15:37 IST |
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Indian stocks trading on American bourses together added $8 billion to their cumulative market capitalisation, with IT bellwether Infosys Technologies and private sector lender ICICI Bank accounting for $3 billion of the total gains.
Infosys' valuation jumped by USD 1.51 billion to $33.9 billion, while the market capitalisation of ICICI Bank increased by $1.5 billion for the week ended March 5.
Out of the 16 companies trading as American Depository Receipts (ADRs), another major gainer was IT firm Wipro, whose market capitalisation rose by $1.46 billion to $33.2 billion.
ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm.
Next in line is automaker Tata Motors, which saw its valuation surging by $1.07 billion to $8.35 billion. It is followed by copper producer Sterlite Industries whose valuation grew by $941 million to $15.14 billion.
Among 16 Indian entities listed on the New York Stock Exchange and Nasdaq bourses, outsourcing company WNS Holdings was the only loser. During the week, the company shed $15 million to its total valuation.
Meanwhile, private sector lender HDFC Bank saw a growth of $820 million to its market capitalisation to $19.29 billion.
The valuation of IT firm Mahindra Satyam and pharma major Dr Reddy's Laboratories rose by $262 million and $177 million respectively.
Other ADRs gainer include BPO companies-- Genpact and EXLService Holdings, telecom majors-- Mahanagar Telephone Nigam and Tata Communications, internet firms--Reddif.Com and Sify Technologies whose market capitalisation increased in the range of $1 million to $107 million.
On Friday the US markets ended in the positive territory, with Dow Jones Industrial Average ending up 122.06 points at 10,566.20 and the S&P 500 settling up 15.72 points to 1,138.69. Besides, tech heavy Nasdaq was up 34.04 points at 2,326.35.
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