ADRs gain $2.2 billion on US bourses
12 Apr 2010
Indian stocks trading on American bourses added $2.22 billion to their cumulative market capitalisation in the last week, with private sector lenders ICICI Bank and HDFC Bank accounting for more than half of the total gains.
For the week ended 9 April, Indian entities listed on the New York Stock Exchange and NASDAQ added $2.22 billion to their net market capitalisation, with HDFC Bank and ICICI together adding $1.33 billion to the total valuation.
ICICI Bank's valuation jumped by $808 million to $25.07 billion, while the market capitalisation of HDFC Bank increased by $532 million to $22.42 billion.
Out of the 16 companies trading in American Depository Receipts (ADRs), four of them including IT major Wipro and pharmaceutical firm Dr Reddy's Laboratories have witnessed an erosion in their respective market capitalisation. Wipro has emerged as the biggest loser during the week. The company's valuation plunged by $603 million to $34.65 billion.
Meanwhile, copper producer Sterlite Industries' valuation went up by $513 million to $16.6 billion. In addition, market capitalisation of IT bellwether Infosys Technologies surged by $446 million to $34.79 billion.
Further, Mahindra Satyam's valuation rose by $189 million to $3.71 billion, while that of outsourcing firm Genpact grew by $135 million to $3.84 billion.
Among other gainers are internet firm Sify Technologies, BPO company WNS Holdings, telecom firms Mahanagar Telephone Nigam and Tata Communications and software firm Patni Computer Systems. Their valuations increased in the range of $2 million to $112 million.
On the other hand, valuations of internet firm Reddif.com, business process outsourcing company EXLService Holdings and Dr Reddy's Laboratories slipped by $6 million, $12 million and $86 million respectively.
On Friday the US markets ended in the positive territory, with Dow Jones Industrial Average ending up 70.28 points at 10,997.35 and the S&P 500 settling higher by 7.94 points to 1,194.37. Besides, technology index NASDAQ was up 17.24 points at 2,454.05.