New York: Indian companies trading on American bourses saw their cumulative market capitalisation jump nearly $4 billion in one week, with IT major Wipro and copper producer Sterlite Industries accounting for more than half of the gains.
The total market capitalisation of 16 entities listed as American Depository Receipts shot up by $3.67 billion for week ended 8 May.
Among the shares listed on the New York Stock Exchange and the Nasdaq, Wipro and Sterlite together added as much as $2.65 billion to their in market capitalisations.
While Wipro’s valuation grew by $1.38 billion, that of Sterlite Industries’ rose $1.27 billion.
Another major gainer was private sector lender HDFC Bank whose market valuation increased by $742 million.
However, IT bellwether Infosys Technologies witnessed its market capitalisation decline by $705 million.
On the other hand, leading private sector lender ICICI Bank saw its market capitalisation climb by $334 million while that of outsourcing company Genpact’s valuation went up by $277 million.
Last week, the Wall Street had mixed trends and ended with gains, following the outcome of the stress tests on the country’s financial institutions.
Auto maker Tata Motors, BPO company WNS Holdings and pharma major Dr Reddy’s Laboratories saw their respective valuations jump by $85 million, $78 million and $76 million, respectively.
Among other Indian ADRs, the market capitalisations of telecom major Tata Communication, internet firms - Rediff.com, Sify Technologies and Satyam Computer Services - rose in the range of $10 million to $57 million.
Meanwhile, BPO firm EXLService, telecom major Mahanagar Telephone Nigam Ltd (MTNL) and another IT firm Patni Computer Systems, too saw marginal fall in their respective valuations.
The market valuation of MTNL fell by $9 million, whereas that of EXLService and Patni Computer Systems declined by $3.46 million and $1.3 million, respectively.
On Friday, the US markets saw significant gains. The benchmark Dow Jones Industrial shot up by 164 points, or nearly two per cent, to end the day at 8,574.65 points.