New York: Indian stocks trading on the American bourses added nearly $7 billion cumulatively to their market capitalisation, with the private sector lender HDFC Bank and the IT bellwether Infosys accounting for most of the gains during the week ended 17 September.
Indian entities listed on the New York Stock Exchange and Nasdaq added $6.83 billion to their market capitalisation, of which HDFC Bank and Infosys Technologies alone contributed $3.61 billion.
HDFC Bank’s valuation was up by a whopping $2.05 billion to $27.63 billion, while that of Infosys soared by $1.56 billion to $37.16 billion.
The other impressive gainers on the list of 16 companies trading as American Depository Receipts (ADRs) were technology major Wipro and the private sector lender ICICI Bank that together witnessed a leap of $2.55 billion in their m-cap.
While Wipro saw its valuation increase $1.34 billion, taking its m-cap to $33.73 billion, ICICI Bank gained by $1.21 billion at $26.64 billion.
ADRs are traded on American bourses like stocks and are issued through banks or brokerage firms.
Out of the 16 Indian ADRs, 12 ended the week on positive note, while four companies saw decline in their m-caps. Mahindra Satyam (earlier known as Satyam Computer Services), saw a plunge of $74 million at $3.45 billion.
It was followed by the telecom firm Tata Communications whose valuation declined by $73.98 million to $2.04 billion.
Last on the list were Mahanagar Telephone Nigam Ltd (MTNL) and BPO firm WNS Holdings whose valuations fell by $22.07 million and $2.19 million respectively.
Among other gainers were Tata Motors and outsourcing firm Genpact, with a rise of $248 million and $193 million in respectively.
Also, market capitalisation of drug firm Dr Reddy’s Laboratories witnessed a jump of $153.51 million, while that of copper producer Sterlite Technologies grew by $132.35 million.
Besides, ADR of BPO major EXL Service Holdings was up $43.24 million; Internet firm Rediff.com ($28.35 million), IT firm Patni Computer Systems ($18 million) and Sify Technologies ($9.42 million).
On Friday the US markets ended in the positive territory, with Dow Jones Industrial Average ending up by 13.02 points at 10,607.85 and the S&P 500 settling up 0.93 points to 1,125.59. Besides, tech heavy Nasdaq was up 12.36 points at 2,315.61.