Indian ADRs gain $1.3 bn in April | business | Hindustan Times
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Indian ADRs gain $1.3 bn in April

Indian stocks trading on American bourses gained $1.3 billion last month, with private sector lender HDFC Bank accounting for most of the gains with the 16 Indian entities listed on the New York Stock Exchange and Nasdaq adding $1.3 billion to their net market capitalisation.

business Updated: May 02, 2010 12:03 IST

Indian stocks trading on American bourses gained $1.3 billion last month, with private sector lender HDFC Bank accounting for most of the gains.

For the month ended April 30, 2010, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq added $1.3 billion to their net market capitalisation.

HDFC Bank leads the pack among the gainers with its valuation jumping by $1.47 billion to a total of $22.63 billion.

Auto maker Tata Motors held the second spot with its market capitalisation surging by $877 million to $9.18 billion.

Tata Motors is followed by IT bellwether Infosys Technologies which saw its valuation rising by $645 million to $34.23 billion.

Out of the 16 companies trading as American Depository Receipts (ADRs), nine of them, including IT icon Wipro and copper producer Sterlite Industries, have witnessed an erosion in their respective market capitalisation.

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

During the month, Wipro has emerged as the biggest loser. The company's valuation plunged by $1.24 billion to $32.96 billion.

In addition, Sterlite Industries shed $395 million of market capitalisation to settle at $15.24 billion.

Meanwhile, valuations of IT firm Mahindra Satyam (earlier known as Satyam Computer Services) rose by $68 million, followed by BPO company WNS Holdings ($66 million), Genpact ($24 million)and internet firm Reddif.com ($10 million).

Among other losers are internet company Sify Technologies, BPO company EXLService Holdings, private sector lender ICICI Bank, pharma major Dr Reddy's Laboratories and telecom majors Mahanagar Telephone Nigam and Tata Communications, whose valuations slipped in the range of $1 million to $99 million.

The US markets ended in negative territory on Friday, with Dow Jones Industrial Average closing down 1.42 per cent at 11,008.61 and the S&P 500 falling 1.67 per cent to 1,186.68. Besides, tech heavy Nasdaq was down 2.02 per cent at 2,461.19.