Indian ADRs gains $3.56 bn in one week
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Last Updated: Sunday, October 04, 2009, 11:32
New York: Indian stocks trading on American bourses gained nearly USD 4 billion last week, with IT major Wipro and private sector lender ICICI Bank pocketing most of the gains.

For the week ended October 2, Indian entities listed on the New York Stock Exchange and Nasdaq added USD 3.56 billion to their market-cap, with Wipro and ICICI Bank together contributing USD 3.15 billion.

The valuation of Wipro grew by USD 1.66 billion, while that of ICICI Bank rose by USD 1.49 billion.

However, total gain was offset by loss of handful of companies including auto maker Tata Motors and pharma major Dr Reddy's Laboratories.

Among the 16 companies trading as American Depository Receipts (ADRs), another major gainers was IT bellwether Infosys Technologies whose market capitalisation jumped by USD 692 million.

During the week, Tata Motors was the biggest loser. The company witnessed a value erosion of USD 583 million.

ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.

Meanwhile, copper producer Sterlite Industries saw an increase of USD 397 million in its market capitalisation.

On the other hand, Dr Reddy's Laboratories saw its market capitalisation decline by USD 270 million.

Apart from Wipro and ICICI Bank, Infosys and Sterlite Industries, private sector lender HDFC Bank too witnessed a significant increase to its valuation. The lender's market cap climbed by USD 128 million.

Among other ADR gainers-- IT major Patni Computer Systems, BPO companies-- WNS Holdings and EXLService Holdings, telecom majors--Mahanagar Telephone Nigam and Tata Communications market capitalisation increased in the range of USD 10 million to USD 35 million.

The market capitalisation of outsourcing company Genpact fell by USD 50 million, IT firm Mahindra Satyam ascended (USD 13 million), internet (USD 9 million) and Sify Technologies (USD 4 million).

The unemployment rate in the US soared to a 26-year high of 9.8 percent in September as jobs continued to evaporate even as the recession-hit economy is slowly showing signs of stabilisation.

On Friday the US markets ended in the red, with Dow Jones Industrial Average settling down by 21.61 points at 9,487.67 and S&P 500 fell by 4.64 points to 1,025.21. Besides, tech heavy Nasdaq was down 9.37 points at 2,048.11.

Bureau Report

First Published: Sunday, October 04, 2009, 11:32

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