Indian ADRs add USD 4 bln in Feb; ICICI Bank top gainer | business | Hindustan Times
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Indian ADRs add USD 4 bln in Feb; ICICI Bank top gainer

business Updated: Feb 28, 2010 10:46 IST
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Indian stocks trading on American bourses added USD 4 billion to their cumulative market capitalisation in February, with private sector lender ICICI Bank accounting half of the total gains.

ICICI Bank led the pack, with a gain of USD 2.05 billion to its total market capitalisation to USD 21.31 billion, among the 16 Indian entities listed on the New York Stock Exchange and Nasdaq.

Next in the line is IT bellwether Infosys Technologies, whose valuation jumped by USD 1.61 billion to USD 32.47 billion.

Out of 16 companies trading as American Depository Receipts (ADRs), half of the companies including private sector lender HDFC Bank and Tata Group companies-- Tata Motors and Tata Communications -- have witnessed a value erosion of USD 658.

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

HDFC Bank was the major loser during the month as the company saw its valuation falling by USD 312 million to USD 18.47 billion.

HDFC Bank is followed by Tata Communications whose market capitalisation plunged by USD 265 million to USD 1.77 billion.

Meanwhile, copper producer Sterlite Industries' valuation rose by USD 269 million to USD 14.19 billion, while that of outsourcing company Genpact grew by 215 million to USD 3.28 billion.