New York: Led by private sector lender HDFC Bank, Indian stocks trading on American bourses gained over $6 billion last week.
For the week ended 6 November, Indian entities listed on the New York Stock Exchange and Nasdaq added $6.41 billion to their market-cap, with HDFC Bank alone accounting for $1.38 billion. The banking major’s valuation stood at $17.06 billion.
Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was IT firm Wipro whose valuation jumped by $1.3 billion to $26.43 billion.
Apart from HDFC Bank and Wipro, copper producer Sterlite Industries and IT bellwether Infosys Technologies also witnessed a substantial gain to their market capitalisation.
Sterlite Industries’ valuation grew by $1.10 billion to $14.69 billion, while that of Infosys Technologies rose by $1.02 billion to its valuation of $27.26 billion.
ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.
The market capitalisation of outsourcing firm Genpact went up by $444 million to $3.01 billion and auto maker Tata Motors saw an increase of $347 million to $5.47 billion.
Private sector lender ICICI Bank’s market capitalisation rose by $256 million to $2.03 billion and pharma major Dr Reddy’s Laboratories witnessed a growth of $256 million to $3.88 billion.
During the week, IT firm Mahindra Satyam and internet firm Sify Technologies were the only two losers. Mahindra Satyam’s valuation fell by $34 million, while that of Sify Technologies’ slipped marginally to $0.4 million.
Meanwhile, among other ADR gainers - internet firm Reddif.com, BPO companies - WNS Holdings and EXLService Holdings and telecom majors - Tata Communications, Mahanagar Telephone Nigam and pharma firm Dr Reddy’s Laboratories’ valuations increased in the range of $5 million to $122 million.
The unemployment rate in the US skyrocketed to a 26-year high of 10.2% in October, as companies continued to trim their workforce to cut costs.
On Friday the US markets ended in the green, with Dow Jones Industrial Average settling up by 17.46 points at 10,023.42 and S&P 500 rose by 2.67 points to 1,069.30. Besides, tech heavy Nasdaq was up 7.12 points at 2,112.44.