E-Paper
Indian ADRs gain $11 bn in September
Indian stocks trading on American bourses gained about USD 11 billion in one month, with IT bellwether Infosys Technologies and private sector lender HDFC Bank accounting almost half of the gains.
Indian stocks trading on American bourses gained about USD 11 billion in one month, with IT bellwether Infosys Technologies and private sector lender HDFC Bank accounting almost half of the gains.
For the month ended September 30, Indian entities listed on the New York Stock Exchange and Nasdaq added USD 10.61 billion to their market-cap, with Infosys and HDFC Bank together contributing USD 5.82 billion.
Infosys' valuation grew by USD 3.01 billion, while that of HDFC Bank rose by USD 2.81 billion.
The market capitalisation of another private sector lender ICICI Bank jumped by USD 1.87 billion, while copper producer Sterlite Industries saw an increase of USD 1.82 billion to its valuations.
Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was pharma major Dr Reddy's Laboratories whose market capitalisation increased by USD 570 million.
Apart from Infosys, HDFC Bank, ICICI Bank, Sterlite Industries and Dr Reddy's Laboratories, IT major Wipro too witnessed a significant increase to its market capitalisation. The company saw an increase of USD 322 million to its valuation.
ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.
