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| Indian ADRs gain $8.28 bn in July |
| Press Trust of India / New York Aug 02, 2009, 14:12 IST |
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The total valuation of Indian stocks trading on American bourses rose by over $8 billion last month, with IT firm Infosys alone contributing nearly half of the gains.
For the month ended July 31, Indian entities listed on the New York Stock Exchange and Nasdaq added $8.28 billion to their total market capitalisation. Infosys alone gained $3.58 billion, with its market cap at $24.66 billion.
Software firm Mahindra Satyam's valuation rose by $1.30 billion, while that of private sector lender ICICI Bank added $1.03 billion to its market cap.
Among the 16 companies trading as American Depository Receipts (ADRs), only three companies, including private sector lender HDFC Bank, have witnessed a total decline of $835 million in their market capitalisation.
HDFC Bank's valuation declined the maximum during the month and stood at $13.86 billion after it witnessed a value erosion of $760 million.
The market capitalisation of telecom firm MTNL and pharma company Dr Reddy's Laboratories fell by $41 million and $34 million, respectively.
The month of July saw a host of Indian companies reporting better-than-expected quarterly figures, which analysts believe pulled up the shares on the street.
Besides, Tata Motors' valuation shot up by $914 million to $4.75 billion after it posted better-than-expected quarterly results last week.
The net profit of the auto maker rose 57 per cent to Rs 514 crore in the first quarter of the current fiscal.
The valuation of IT major Wipro ascended by $644 million and copper producer Sterlite Industries gained $574 million.
Outsourcing firm Genpact saw its valuation increase by $487 million and IT firm Patni Computer's market capitalisation jumped by $275 million in the month.
BPO firm WNS Holdings and telecom major Tata Communications (TCL) too saw an upward movement in their market capitalisation. WNS Holdings' valuation went up by $160 million and TCL added $102 million.
Besides, internet majors, Sify Technologies and Reddif.com, BPO firm EXLService increased in the range of $7 million to $28 million.
The US markets were mixed on Friday with the Dow Jones Industrial Average gaining 17.15 points to 9,171.61 and S&P 500 rising 0.07 per cent to 987.48, while tech heavy Nasdaq was down 0.29 per cent to 1,978.50.
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