Led by ICICI Bank Indian ADRs add $3 bn in a week
Indian stocks trading on American bourses added $3 billion to their cumulative market capitalisation last week, with private sector lender ICICI Bank accounting for most of the gains.business Updated: Apr 25, 2010 15:43 IST
Indian stocks trading on American bourses added $3 billion to their cumulative market capitalisation last week, with private sector lender ICICI Bank accounting for most of the gains.
For the week ended April 23, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq together added $3 billion to their market capitalisation.
However, as many as seven companies listed as American Depository Receipts (ADRs), including IT major Wipro and copper producer Sterlite Industries, have witnessed an erosion of their total market capitalisation.
ADRs are bought and sold on American markets just like stocks and are issued in by a bank or a brokerage firm.
ICICI Bank, which leads the pack of gaining stocks, saw its valuation jumping by $2.3 billion to $25.02 billion.
Another private sector lender HDFC Bank's market capitalisation surged by $1.01 billion to $22.9 billion.
Meanwhile, Wipro emerged as the major loser during the week. The company's valuation fell by $556 million to $34.21 billion.
Wipro is followed by Sterlite Industries whose market capitalisation plunged by $513 million to $15.03 billion.
Apart from ICICI Bank and HDFC Bank, auto maker Tata Motors and pharma major Dr Reddy's Laboratories too saw a significant gain in their respective market capitalisation.
Tata Motors' valuation rose by $459 million to $9.15 billion, while that of Dr Reddy's Laboratories grew by $104 million to a total of $4.59 billion.
Among other gainers on the list include internet firm Reddif.com, telecom major Mahanagar Telephone Nigam, IT firms Mahindra Satyam (earlier known as Satyam Computer Services) and Patni Computer Systems whose valuation increased in the range of $1 million to $90 million.
Telecom major Tata Communications' market capitalisation remain unchanged at $1.77 billion during the week.
The valuations of IT bellwether Infosys Technologies' slipped by $18 million and of internet company Sify Technologies fell by $0.4 million. BPO firms WNS Holdings, EXLService Holdings and Genpact's market capitalisation fell by $17 million, $12 million and $54 million, respectively.
On Friday the US markets ended in the positive territory, with Dow Jones Industrial Average ending up 69.99 points at 11,204.28 and the S&P 500 settling up 8.61 points to 1,217.28. Besides, tech heavy Nasdaq was up 11.08 points at 2,530.15.