New York, September 06: With IT firm Mahindra Satyam, seeing a jump of about USD 554 million, the over all market capitalisation of 16 Indian firms trading on American bourses increased by USD 165 million for the week ended September 4.
For the week ended September 4, three IT stocks- Mahindra Satyam (earlier known as Satyam Computer Services), Infosys Technologies and Patni Computer Systems together added USD 1.02 billion to their market capitalisation.
The total gain during the week was offset by the loss suffered by 12 firms including private sector lender ICICI Bank, IT major Wipro and auto maker Tata Motors.
Among the entities trading in American Depository Receipts (ADRs), Wipro ended the week as the biggest loser. The company witnessed a value erosion of USD 278 million.
The second major loser was ICICI Bank, which shed about USD 161 million, while the market capitalisation of BPO firm Genpact declined by USD 114 million.
Telecom firm Tata Communications was another major loser registering a decline of USD 113 million in its market capitalisation, followed by pharma company Dr Reddy’s Laboratories (USD 94 million).
Meanwhile, Patni Computer Systems’ valuation rose by USD 82 million, while that of private sector lender HDFC Bank grew by USD 32 million.
On the other hand, the market capitalisation of Tata Motors and telecom major Mahanagar Telephone Nigam fell by USD 72 million and USD 34 million respectively.
Other losers include copper producer Sterlite Industries, internet firms Sify Technologies and Rediff.com and outsourcing companies WNS Holdings and EXLService Holdings, that slipped in the range of USD 0.3 million to USD 10 million.
The US market closed in the positive territory amid the unemployment rate touching a 26-year-high of 9.7 percent in August, even as the country’s recession-hit economy is slowly showing signs of recovery.
The Dow Jones Industrial Average surged 1.03 percent to 9,441.27 points and S&P 500 rose 1.31 percent at 1,016.40 points. Also, tech heavy Nasdaq went up 1.79 percent at 2,018.78 points on Friday.
–Agencies