Indian ADRs gain USD 3 bn in a week
Indian stocks trading on American bourses gained nearly three billion dollars in one week, with IT major Wipro accounting for more than half of the gains.
New York: Indian stocks trading on American bourses gained nearly three billion dollars in one week, with IT major Wipro accounting for more than half of the gains.
For the week ended August 7, Indian entities listed on the New York Stock Exchange and Nasdaq added USD 2.97 billion to their market capitalisation, with Wipro`s valuation alone climbing by USD 1.23 billion.
Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was auto maker Tata Motors whose valuation shot up by USD 383 million.
IT firm Mahindra Satyam`s market capitalisation rose by USD 323 million, while that of IT bellwether Infosys Technologies grew by USD 316 million.
Apart from Wipro, Mahindra Satyam, Infosys and Tata Motors, BPO firm Genpact and private sector lender ICICI Bank too witnessed significant increase in their respective market capitalisation.
Genpact`s valuation went up by USD 248 million, while market capitalisation of ICICI Bank ascended to USD 150 million in the last week.
However, during the week, telecom major Mahanagar Telephone Nigamm Ltd (MTNL), IT firm Patni Computer System and outsourcing company EXLService were the only three losers.
Patni Computer shed USD 36 million, MTNL declined by USD three million and EXLService dipped 0.6 million to its valuation.
Meanwhile, the market capitalisation of outsourcing firm WNS Holdings, private sector lender HDFC Bank and copper producer Sterlite Industries increased by USD 117 million, USD 97 million and USD 78 million respectively.
Among other Indian ADRs telecom major Tata Communications, pharma major Dr Reddy`s Laboratories internet firms--- Rediff.com and Sify Technologies increased in the range of USD 7 million to USD 34 million.
On Friday the US markets ended in the green with the Dow Jones Industrial Average settling up 113.81 points at 9,370.07 and S&P 500 hitting a 10-year high of 1,010.48 points, up 1.34 percent. Besides, tech heavy Nasdaq was up 1.37 percent at 2,000.25 points.