Indian ADRs gain $ 3.4 bn in a week; Infosys major gainer
Led by IT bellwether Infosys Technologies, Indian stocks trading on American bourses gained more than $ 3 billion in a week.business Updated: Sep 20, 2009 11:39 IST
Led by IT bellwether Infosys Technologies, Indian stocks trading on American bourses gained more than $ 3 billion in a week.
For the week ended September 18, Indian entities listed on the New York Stock Exchange and Nasdaq added $ 3.43 billion to their market-cap, with Infosys valuation alone climbing by $ 1.08 billion.
Private sector lender HDFC Bank's market capitalisation shot up by $ 648 million, while IT major Wipro witnessed an increase of $ 587 million.
Another major gainer among the 16 companies trading as American Depository Receipts (ADRs) was copper producer Sterlite Industries whose valuation jumped by $ 354 million.
ADRs are bought and sold on American markets just like stocks and are issued in by a bank or a brokerage firm.
Apart from Infosys, Wipro, HDFC Bank and Sterlite Industries, ICICI Bank and Dr Reddy's Lab too witnessed a significant rise in their respective market capitalisation.
ICICI Bank's valuation rose by $ 318 million, while that of Dr Reddy's Laboratories grew by $ 273 million.
The market capitalisation of IT firm Patni Computer Systems and automaker Tata Motors surged by $130 million and $ 81 million respectively.