Indian ADRs gain $4.35 bn in one week

Led by IT bellwether Infosys, Indian stocks trading on American bourses gained more than $4 billion in one week, amid mixed global trends.

For the week ended February 6, Indian entities listed on the New York Stock Exchange and Nasdaq Composite added $4.35 billion to their market capitalisation, with the valuation of Infosys alone climbing $1.5 billion.

Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was leading private sector lender HDFC Bank whose value shot up by $971 million.

Apart from Infosys and HDFC, IT major Wipro and ICICI Bank too witnessed significant increase in their respective market capitalisations.

While the valuation of Wipro grew by $829 million, that of ICICI Bank rose by $663 million.

On the other hand, scam-ridden Satyam Computer Services saw its market capitalisation tumble as much as $27 million, even as a new board is in place to steer the company.

The board on Friday had appointed Satyam veteran AS Murty as the chief executive officer.

The company has been caught in one of the biggest corporate frauds in India, after its founder B Ramalinga Raju confessed to fudging accounts to the tune of Rs 7,800 crore.