Indian ADRs gain $7 bn; Infosys leads the pack
Indian companies listed on the American bourses added seven billion dollars to their valuation last week, with IT bellwether Infosys alone accounting for one-third of the gains.business Updated: Jul 26, 2009 14:21 IST
Indian companies listed on the American bourses added seven billion dollars to their valuation last week, with IT bellwether Infosys alone accounting for one-third of the gains.
For the week ended July 24, Indian entities listed on the New York Stock Exchange and Nasdaq added $7.03 billion to their market capitalisation, with Infosys gaining about $2 billion.
The market capitalisation of IT major Wipro rose by $1.49 billion and copper producer Sterlite Industries grew by $1.15 billion.
Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was leading private sector lender ICICI Bank whose value shot up by $641 million.
On Saturday, ICICI Bank reported 20.63 per cent growth in standalone net profit at Rs 878.22 crore for the first quarter ended June 30. The bank had a net profit of Rs 728.01 crore in the June quarter of last fiscal.
However, during the week, internet firm Sify Technologies was the sole loser with a value erosion of $3.34 million.
Meanwhile, auto maker Tata Motors and IT firm Mahindra Satyam saw their respective valuations jump by $590 million and $499 million, respectively.