Indian ADRs gain over $6 bn last week

Led by private sector lender HDFC Bank, Indian stocks trading on American bourses gained over $6 billion last week. For the week ended November 6, Indian entities listed on the New York Stock Exchange and Nasdaq added $6.41 billion to their market-cap, with HDFC Bank alone accounting for $1.38 billion.

The banking major's valuation stood at $17.06 billion. Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was IT firm Wipro whose valuation jumped by $1.3 billion to $26.43 billion.

Apart from HDFC Bank and Wipro, copper producer Sterlite Industries and IT bellwether Infosys Technologies also witnessed a substantial gain to their market capitalisation. Sterlite Industries'' valuation grew by $1.10 billion to $14.69 billion, while that of Infosys Technologies rose by $1.02 billion to its valuation of $27.26 billion.

ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms. The market capitalisation of outsourcing firm Genpact went up by $444 million to $3.01 billion and auto maker Tata Motors saw an increase of $347 million to $5.47 billion.

Private sector lender ICICI Bank''s market capitalisation rose by $256 million to $2.03 billion and pharma major Dr Reddy''s Laboratories witnessed a growth of $256 million to $3.88 billion.