Indian ADRs gain nearly $10 bn in March

Indian ADRs gain nearly $10 bn in March
PTI
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First Published: Sun, Mar 29 2009. 10 35 AM IST
Updated: Sun, Mar 29 2009. 10 35 AM IST
New York: Indian shares listed on American bourses saw their total market capitalisation swelling by a whopping nearly $10 billion so far this month, with IT major Wipro accounting for about a fourth of the total gains.
With just two more trading sessions to go this month, the market value of the 16 Indian companies trading on the New York Stock Exchange and Nasdaq shot up by $9.87 billion during the March 2-27 period.
American markets made substantial gains during this period amid a raft of encouraging economic data and the US government coming up with a public-private partnership to buy $1-trillion toxic assets.
Wipro’s market valuation has jumped by $2.48 billion so far in March. Another major gainer was leading copper producer Sterlite Industries, whose value climbed by $1.8 billion.
Banking stocks — HDFC Bank and ICICI Bank — together accounted for a gain of over $2.6 billion in valuation. While the market capitalisation of HDFC Bank went up by $1.4 billion, that of ICICI Bank rose by $1.2 billion.
Further, the market valuations of IT bellwether Infosys Technologies and telecom entity Tata Communications grew by $980 million and $758 million, respectively.
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First Published: Sun, Mar 29 2009. 10 35 AM IST
More Topics: ADR | American bourses | Indian shares | Nasdaq | NYSE |