Indian cos listed on US bourses gain $ 70 bn in 2009
Indian companies listed on the American bourses notched up handsome gains in 2009 as their aggregate valuation scaled upward by $ 70 billion with stock markets worldwide rallying substantially in the year.business Updated: Jan 03, 2010 11:53 IST
Indian companies listed on the American bourses notched up handsome gains in 2009 as their aggregate valuation scaled upward by $ 70 billion with stock markets worldwide rallying substantially in the year.
The market capitalisations of all the US-listed companies grew up to three-fold. IT major Wipro witnessed nearly a two-fold increase in its valuation.
However, only three entities -- IT firm Mahindra Satyam, earlier known as Satyam Computer Services, and telecom firms MTNL and Tata Communications-- saw a fall in their market capitalisations by a combined $ 2.68 billion.
The valuations of IT firms -- Infosys Technologies, Wipro and Patni Computers -- increased almost three-fold.
Mirroring the gains in the IT stocks, technology heavyweight Nasdaq gained 48 per cent in 2009.
While Wipro's valuation jumped $ 21 billion to $ 33 billion, the biggest gainer among the Indian firms listed as American Depository Receipts (ADRs) was Infosys whose market capitalisation rose by $ 18 billion to $ 31 billion.
During the entire year, the Wall Street gained an average of 25 per cent. The Dow Jones Industrial Average with 22.46 per cent and crossed the 10,000-points mark, while S&P 500 rose 28 per cent to over 1,100-level.
The exception to the broader market gain was Mahindra Satyam whose valuation declined by over $ two billion during the year to $ 3.1 billion.