New York: Indian stocks trading on American bourses added over $7 billion to their cumulative market capitalization last week, with IT icons Infosys Technologies and Wipro accounting for more than half of the total gains.
For the week ended 18 June, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq added $7.14 billion to their market capitalization, with Infosys and Wipro together adding $4.4 billion to the total valuation.
Infosys’ valuation jumped $2.29 billion to $36.21 billion, while Wipro’ spiked $2.11 billion to $32.4 billion.
Out of the 16 companies, six of them, including Dr Reddy’s Laboratories and IT firm Mahindra Satyam, witnessed an erosion in their valuations.
ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm.
Meanwhile, copper producer Sterlite Industries’ market capitalization zoomed $857 million to a total of $12.45 billion.
Private sector banks -- ICICI Bank and HDFC Bank together added $1.61 billion to their market capitalization. ICICI Bank’s valuations rose by $847 billion and the market capitalization of HDFC Bank increased by $768 million.
Auto maker Tata Motors valuation grew by $360 million to $8.11 billion.
During the week, Dr Reddy’s Laboratories was the major loser. The company saw its valuations falling by $115 million to $5.18 billion.
Other losers include -- Mahindra Satyam ($47 million), telecom majors -- Tata Communications ($20 million) and Mahanagar Telephone Nigam ($16 million), BPO company Genpact ($11 million) and Internet firm Reddif ($3 million).
On the other hand, valuations of Internet company Sify Technologies, outsourcing firms -- WNS Holdings and EXL Service Holdings and IT major Patni Computer Systems increased in the range of $2 million to $98 million.
On Friday the US markets ended in the positive territory, with Dow Jones Industrial Average ending up 16.47 points at 10,450.64 and the S&P 500 settling up 1.47 points to 1,117.51. Besides, tech heavy Nasdaq closed, up 2.64 points at 2,309.80.