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Indian ADRs gain $7bn; Infosys, Wipro top gainers

Indian stocks trading on US bourses added over USD 7bn to their cumulative market capitalisation last week.



New York: Indian stocks trading on American
bourses added over USD 7 billion to their cumulative market
capitalisation last week, with IT icons Infosys Technologies
and Wipro accounting for more than half of the total gains.

For the week ended June 18, the 16 Indian entities listed
on the New York Stock Exchange and Nasdaq added USD 7.14
billion to their market capitalisation, with Infosys and Wipro
together adding USD 4.4 billion to the total valuation.

Infosys` valuation jumped USD 2.29 billion to USD 36.21
billion, while Wipro` spiked USD 2.11 billion to USD 32.4
billion.

Out of the 16 companies trading as American Depository
Receipts (ADRs), six of them, including Dr Reddy`s
Laboratories and IT firm Mahindra Satyam (earlier known as
Satyam Computer Services), witnessed an erosion in their
valuations.

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

Meanwhile, copper producer Sterlite Industries` market
capitalisation zoomed USD 857 million to a total of USD 12.45
billion.

Private sector banks --ICICI Bank and HDFC Bank together
added USD 1.61 billion to their market capitalisation. ICICI
Bank`s valuations rose by USD 847 billion and the market
capitalisation of HDFC Bank increased by USD 768 million.

Auto maker Tata Motors valuation grew by USD 360 million
to USD 8.11 billion.

During the week, Dr Reddy`s Laboratories was the major
loser. The company saw its valuations falling by USD 115
million to USD 5.18 billion.

Other losers include -- Mahindra Satyam (USD 47 million),
telecom majors -- Tata Communications (USD 20 million) and
Mahanagar Telephone Nigam (USD 16 million), BPO company
Genpact (USD 11 million) and internet firm Reddif (USD 3
million).

On the other hand, valuations of internet company Sify
Technologies, outsourcing firms -- WNS Holdings and EXLService
Holdings and IT major Patni Computer Systems increased in the
range of USD 2 million to USD 98 million.

On Friday the US markets ended in the positive territory,
with Dow Jones Industrial Average ending up 16.47 points at
10,450.64 and the S&P 500 settling up 1.47 points to 1,117.51.

Besides, tech heavy Nasdaq closed, up 2.64 points at 2,309.80.

PTI

From Zee News

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