New York, September 20: Led by IT bellwether Infosys Technologies, Indian stocks trading on American bourses gained more than USD 3 billion in a week.
For the week ended September 11, Indian entities listed on the New Y ork Stock Exchange and Nasdaq added USD 3.43 billion to their market-cap, with Infosys valuation alone climbing by USD 1.08 billion.
Private sector lender HDFC Bank’s market capitalisation shot up by USD 648 million, while IT major Wipro witnessed an increase of USD 587 million.
Another major gainer among the 16 companies trading as American Depository Receipts (ADRs) was copper producer Sterlite Industries whose valuation jumped by UDS 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 USD 318 million, while that of Dr Reddy’s Laboratories grew by USD 273 million.
The market capitalisation of IT firm Patni Computer Systems and auto maker Tata Motors surged by USD 130 million and USD 81 million respectively.
Among other ADR gainers are internet firms Sify Technologies and Rediff.com, and BPO companies — EXL Service Holdings and WNS Holdings — whose valuation increased in the range of USD 3 million to USD 20 million.
During the week, the valuation of IT firm Mahindra Satyam and outsourcing company Genpact remained unchanged at USD 4.3 billion and USD 2.59 million respectively.
Telecom majors — Tata Communications Ltd and Mahanagar Telephone Nigam Ltd — together shed USD 86 million to their valuation. TCL’s market capitalisation declined by USD 55 million, while MTNL saw a fall of USD 31 million.
On Friday, the US markets ended in the green, with Dow Jones Industrial Average settling up 36.28 points at 9,820.20 and S&P 500 rose by 2.81 points to 1,068.30. Besides, tech heavy Nasdaq was up 6.11 points at 2,132.86.
–Agencies