New York: Indian stocks trading on American bourses gained more than $3.5 billion past week, led by software major Wipro, which alone accounted for one-third of the total gain.
For the week ended 16 October, Indian entities listed on the New York Stock Exchange and Nasdaq added $3.54 billion to their total market capitalisation. IT firm Wipro gained $1.3 billion with its valuation rising to $27.48 billion.
Private sector lenders ICICI Bank and HDFC Bank together added $1.63 billion to their market-cap.
While the valuation of ICICI Bank rose by $779 million to $22.55 billion, HDFC Bank’s market-cap grew by $851 million to $17.47 billion.
Among the 16 companies trading that have their American Depository Receipts (ADRs) listed on the US bourses, another major gainer was copper producer Sterlite. Its valuation jumped by $548 million to $12.36 billion.
Besides, Satyam Computer (now rebranded as Mahindra Satyam), too, witnessed a significant rise in its market-cap. The company saw an increase of $155 million in its valuation to $4.38 billion, while WNS Holdings added $74 million to its kitty, which swelled to $715 million.
However, despite posting a collective trading gain by the ADRs of 16 Indian companies, as many as six entities witnessed a slide in their market capitalisation.
IT bellwether Infosys was the biggest loser witnessing a wash out of $103 million from its valuation.
Telecom firm Mahanagar Telephone Nigam Ltd and Tata Communication also saw their market-cap dwindle by $41 million and 23 million respectively.
While BPO firm Genpact’s valuation fell by $60 million, auto maker Tata Motors and pharma company Dr Reddy’s valuation declined by $4 million and $17 million respectively, during the week.
ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.
Other ADR gainers were BPO company EXLService Holdings, Patni Computers besides, Internet firms Sify Technologies and Rediff.com.
On Friday, the US markets ended in the red, with Dow Jones Industrial Average closing 67.03 points down at 9,995.91 and S&P 500 dropped by 0.81% to 1,087.68. Besides, tech heavy Nasdaq was down 16.49 points at 2,156.80.