Indian ADRs gain $9 bn in one week

Indian stocks trading on American bourses gained nearly $9 billion in a week, with leading private sector lender ICICI Bank and IT major Wipro accounting for more than half the gains.

For the week ended July 17, the 16-Indian entities listed on the New York Stock Exchange and Nasdaq together added $8.51 billion to their market capitalisation.

ICICI Bank and Wipro together added $4.74 billion to their valuation. While ICICI Bank's valuation rose by $2.45 billion, Wipro gained $2.29 billion during the week.

Among the 16 companies trading as American Depository Receipts (ADRs), IT bellwether Infosys Technologies' valuation jumped by $1.59 billion.

Also private sector lender HDFC Bank and auto maker Tata Motors also witnessed significant increase in their respective market capitalisation.

While HDFC Bank's valuation went up by $561 million, the market capitalisation of Tata Motors ascended to $466 million during the week.

Pharma major Dr Reddy's Laboratories was the sole loser during the week with its valuation declining by $12 million.

The market capitalisation of IT firm Mahindra Satyam and BPO company Genpact increased to $404 million and $225 million, respectively.

Meanwhile, telecom major Tata Communications saw its valuation rise by $197 million, while copper producer Sterlite Industries' gained $121 million.

Among other Indian companies, IT firm Patni Computer, telecom major Mahanagar Telephone Nigam (MTNL), internet firms Rediff.com and Sify Technologies and outsourcing firms WNS Holdings and EXL Services' valuation increased in the range of $9 million to $85 million.

Last week the US markets remained positive, with the Dow Jones Industrial Average gaining 32 points at 8743.94 points and the tech-heavy Nasdaq rising 0.08 per cent to 1,886.61.