Indian ADRs gain $5 bn in first week of June
Led by IT majors Wipro and Infosys, Indian stocks listed on the American bourses saw their cumulative market capitalisation rising by nearly $5 billion for the week ended June 5.business Updated: Jun 07, 2009 10:56 IST
Led by IT majors Wipro and Infosys, Indian stocks listed on the American bourses saw their cumulative market capitalisation rising by nearly $5 billion for the week ended June 5.
Wipro and Infosys accounted for about $1.74 billion of the total market value gains of $4.74 billion recorded by the 16 Indian shares trading as American Depository Receipts.
Among the entities listed on the New York Stock Exchange and the Nasdaq, the market capitalisation of Wipro jumped by $894 million while that of Infosys rose by $847 million.
Copper producer Sterlite Industries' valuation shot up by $790 million.
Leading private sector lenders ICICI Bank and HDFC Bank witnessed their respective valuations increase by USD 790 million and $427 million, respectively.
Further, auto maker Tata Motors saw its maket capitalisation climb by $285 million.
In the first week of this month, the US markets were mostly trading in the positive territory, bolstered by encouraging manufacturing data and rising hopes of an early economic recovery.
On Friday, the American stock market closed on a flat note amid the latest data showing that there were lesser number of job losses than expected in the month of May.
Telecom firm Mahanagar Telephone Nigam Ltd witnessed an increase of $207 million in its market valuation.
Besides, the valuations of Satyam Computer Services and Tata Communications Ltd grew by $148 million and $141 million, respectively.
Pharma major Dr Reddy's Laboratories saw its market capitalisation rise by USD 135 million, while BPO entity Genpact's valuation grew by $126 million.
Meanwhile, internet firm Rediff.Com and outsourcing company WNS Holding ended up as the losers for the week ended June 5.
Rediff.Com shed $10 million in valuation, while WNS Holding's market capitalisation declined by $7 million.
Among other ADRs -- internet company Sify Technologies, BPO entity EXLService and IT major Patni Computer System valuation decreased in the range of $1-14 million.