New York: Indian stocks trading on American bourses gained nearly $4 billion last week, with IT major Wipro and private sector lender ICICI Bank pocketing most of the gains.
For the week ended 2 October, Indian entities listed on the New York Stock Exchange and Nasdaq added $3.56 billion to their market-cap, with Wipro and ICICI Bank together contributing $3.15 billion.
The valuation of Wipro grew by $1.66 billion, while that of ICICI Bank rose by $1.49 billion.
However, total gain was offset by loss of handful of companies including auto maker Tata Motors and pharma major Dr Reddy’s Laboratories.
Among the 16 companies trading as American Depository Receipts (ADRs), another major gainers was IT bellwether Infosys Technologies whose market capitalisation jumped by $692 million.
During the week, Tata Motors was the biggest loser. The company witnessed a value erosion of $583 million.
ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.
Meanwhile, copper producer Sterlite Industries saw an increase of $397 million in its market capitalisation.
On the other hand, Dr Reddy’s Laboratories saw its market capitalisation decline by $270 million.
Apart from Wipro and ICICI Bank, Infosys and Sterlite Industries, private sector lender HDFC Bank too witnessed a significant increase to its valuation. The lender’s market cap climbed by $128 million.
Among other ADR gainers - IT major Patni Computer Systems, BPO companies - WNS Holdings and EXLService Holdings, telecom majors - Mahanagar Telephone Nigam and Tata Communications market capitalisation increased in the range of $10 million to $35 million.
The market capitalisation of outsourcing company Genpact fell by $50 million, IT firm Mahindra Satyam ascended ($13 million), internet firms--Reddif.com ($9 million) and Sify Technologies ($4 million).
The unemployment rate in the US soared to a 26-year high of 9.8% in September as jobs continued to evaporate even as the recession-hit economy is slowly showing signs of stabilisation.
On Friday the US markets ended in the red, with Dow Jones Industrial Average settling down by 21.61 points at 9,487.67 and S&P 500 fell by 4.64 points to 1,025.21. Besides, tech heavy Nasdaq was down 9.37 points at 2,048.11.