Indian ADRs gain nearly $10 billion in March | business | Hindustan Times
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Indian ADRs gain nearly $10 billion in March

Indian shares listed on American bourses saw their total market capitalisation swelling by a whopping nearly $ 10 billion so far this month, with IT major Wipro accounting for about a fourth of the total gains. With just two more trading sessions to go this month, the market value of the 16 Indian companies trading on the New York Stock Exchange and Nasdaq shot up by $ 9.87 billion during the March 2-27 period.

business Updated: Mar 29, 2009 10:31 IST

Indian shares listed on American bourses saw their total market capitalisation swelling by a whopping nearly $10 billion so far this month, with IT major Wipro accounting for about a fourth of the total gains.

With just two more trading sessions to go this month, the market value of the 16 Indian companies trading on the New York Stock Exchange and Nasdaq shot up by $ 9.87 billion during the March 2-27 period.

American markets made substantial gains during this period amid a raft of encouraging economic data and the US government coming up with a public-private partnership to buy $ 1-trillion toxic assets.

Wipro's market valuation has jumped by USD 2.48 billion so far in March. Another major gainer was leading copper producer Sterlite Industries, whose value climbed by $ 1.8 billion.

Banking stocks -- HDFC Bank and ICICI Bank -- together accounted for a gain of over USD 2.6 billion in valuation. While the market capitalisation of HDFC Bank went up by $ 1.4 billion, that of ICICI Bank rose by USD 1.2 billion.

Further, the market valuations of IT bellwether Infosys Technologies and telecom entity Tata Communications grew by USD 980 million and USD 758 million, respectively.

Shares of auto maker Tata Motors, which last week launched the world's cheapest car, Nano, also saw an upward trend. The market capitalisation of the company rose by $ 692 million.

Pharma major Dr Reddy's Laboratories saw its market value increasing by $ 151 million.

In addition, BPO company Genpact and scam-ridden Satyam Computer Services' valuations went up by $ 120 million and $ 118 million, respectively.

Among other ADRs, IT firm Patni Computer System, internet companies Rediff.Com and Sify Technologies, outsourcing entities WNS Holdings and EXLService and telecom major Mahanagar Telephone Nigam Ltd witnessed their market capitalisation rising in the range of $ 13-52 million.

The latest official data showed that the American economy shrank by 6.3 per cent in the fourth quarter of 2008. Even though the figure is the highest in 26 years, the contractions were less than widely expected.

However, on March 27, US stocks closed in the red with benchmark Dow Jones Industrial Average falling little over 148 points to close at 7,776.18 points.