Indian ADRs gain $3.4 bn last week; Infosys major gainer

Led by IT bellwether Infosys Technologies, Indian stocks trading on American bourses gained more than $3 billion in a week.

For the week ended September 11, Indian entities listed on the New York Stock Exchange and Nasdaq added $3.43 billion to their market-cap, with Infosys valuation alone climbing by $1.08 billion.

Private sector lender HDFC Bank's market capitalisation shot up by $648 million, while IT major Wipro witnessed an increase of $587 million.

Another major gainer among the 16 companies trading as American Depository Receipts (ADRs) was copper producer Sterlite Industries whose valuation jumped by $354 million.

ADRs are bought and sold on American markets just like stocks and are issued in by a bank or a brokerage firm.

Apart from Infosys, Wipro, HDFC Bank and Sterlite Industries, ICICI Bank and Dr Reddy's Lab too witnessed a significant rise in their respective market capitalisation.

ICICI Bank's valuation rose by $318 million, while that of Dr Reddy's Laboratories grew by $273 million.

The market capitalisation of IT firm Patni Computer Systems and auto maker Tata Motors surged by $130 million and $81 million, respectively.

Among other ADR gainers are internet firms Sify Technologies and Rediff.com, and BPO companies - EXLService Holdings and WNS Holdings - whose valuation increased in the range of $3 million to $20 million.

During the week, the valuation of IT firm Mahindra Satyam and outsourcing company Genpact remained unchanged at $4.3 billion and $2.59 million, respectively.

Telecom majors - Tata Communications (TCL) and Mahanagar Telephone Nigam (MTNL) - together shed $86 million to their valuation. TCL's market capitalisation declined by $55 million, while MTNL saw a fall of $31 million.

On Friday, the US markets ended in the green, with Dow Jones Industrial Average settling up 36.28 points at 9,820.20 and S&P 500 rose by 2.81 points to 1,068.30. Besides, tech heavy Nasdaq was up 6.11 points at 2,132.86.