Indian ADRs gain $6.26 bn in a week
Indian stocks trading on American bourses added over $six billion to their cumulative market capitalisation last week, with IT icons-- Infosys Technologies and Wipro --accounting for half of the total gains.business Updated: Feb 14, 2010 12:21 IST
Indian stocks trading on American bourses added over $six billion to their cumulative market capitalisation last week, with IT icons-- Infosys Technologies and Wipro --accounting for half of the total gains.
For the week ended February 12, the 16 companies trading as American Depository Receipts (ADRs) on the New York Stock Exchange and Nasdaq added $6.26 billion to their market capitalisation.
Infosys and Wipro together added $3.19 billion to the total valuation, during the said period.
Infosys' valuation jumped by $1.77 billion to $30. 84 billion, while that of Wipro increased by $1.42 billion to $30.13 billion.
Another major gainer was private sector lender ICICI Bank whose market capitalisation rose by $1.05 billion to $ 19.74 billion.
ADRs are bought and sold on American markets just like stocks and are issued in by a bank or a brokerage firm.
ICICI Bank is followed by rival HDFC Bank, whose valuation grew by $658 million to $17.57 billion.
Apart from Infosys, Wipro, ICICI Bank and HDFC Bank, copper producer Sterlite Industries and auto maker Tata Motors also witnessed a significant gain to their respective market capitalisation.
Sterlite Industries' valuation went up by $596 million to $13.88 billion and the market capitalisation of Tata Motors surged by $400 million to $6.82 billion.