New York, November 22: The cumulative valuation of the 16 Indian stocks trading on American bourses rose by USD 217 million last week, although a host of them witnessed a decline in their market capitalisation.
For the week ended November 20, Indian entities listed on the New York Stock Exchange and Nasdaq added USD 217 million to their valuation, although the loss suffered by 10 companies eroded some of the gains posted by the remaining six entities.
As many as 10 companies, including private sector lender ICICI Bank and copper producer Sterlite Industries, together lost USD 1.27 billion from their market capitalisation.
IT major Wipro, which led the gains among the Indian stocks, saw its market capitalisation rising by USD 921 million to USD 30 billion last week.
Meanwhile, ICICI Bank was the major loser during the week. The company has witnessed a value erosion of USD 467 million to its valuation to USD 21.17 billion.
ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.
However, among the 16 companies which trades as American Depository Receipts (ADRs), private sector lender HDFC Bank was another major gainer with its valuation jumping by USD 288 million to USD 19.02 billion.
HDFC Bank is followed by IT bellwether Infosys Technologies, whose valuation increased by USD 206 million to USD 29.23 billion.
On the other hand, Sterlite Industries saw its market capitalisation falling by USD 242 million to USD 1.56 billion.
Apart from ICICI Bank, Sterlite Industries, IT firms– Mahindra Satyam ( earlier known as Satyam Computer Services) and Patni Computer Systems too witnessed a significant erosion to their valuations.
Mahindra Satyam’s valuation fell by USD 169 million to USD 3.46 billion, while Patni Computer Systems plunged by USD 159 million to USD 1.24 billion.
Outsourcing firm Genpact and telecom major Tata Communications Ltd’s market-cap declined by USD 87 million and USD 68 million respectively.
The other losers include–internet firms– Sify Technologies, and Reddif.com, telecom major Mahanagar Telephone Nigam Ltd, pharma major Dr Reddy’s Laboratories, valuations slipped in the range of USD 5 million to USD 38 million.
While, auto maker Tata Motors’ market-capitalisation rose by USD 54 million, BPO companies– WNS Holdings (USD 10 million), EXLService Holdings (USD 11 million).
On Friday the US markets ended in the negative zone, with Dow Jones Industrial Average ending down 14.28 points at 10,318.16 and the S&P 500 falling 3.52 points to 1,091.38. Besides, tech heavy Nasdaq was down 10.78 points at 2,146.04.
–PTI