Indian cos gain $7.4 bn on US bourses

Indian cos gain $7.4 bn on US bourses

New York: The aggregate market valuation of the Indian companies trading on the American bourses zoomed by a hefty $7.4 billion last week, with IT major Wipro contributing to over half of the total gains.

During the week, 16 Indian companies listed on the New York Stock Exchange and the Nasdaq together added $7.44 billion to their market capitalisation, erasing the losses posted by five of them earlier.

Over the week, the scrip of these five firms trading in American Depository Receipts (ADRs) suffered a combined loss of $434 million.

However, during the week ended 24 December, the software major Wipro led the pack of gainers, adding $3.95 billion to its valuation taking it to $33.18 billion, followed by IT giant Infosys that saw its valuation jump by $2 billion to $31.94 billion.

However, five Indian companies saw their valuation shrink during the week. Mahindra Satyam led the list of loser with a loss of $188 million from its m-cap, followed by HDFC Bank shed $150 million from its m-cap to settle the week at $18.61 billion.

Tata Communications’ valuation declined by $82 million to $2.1 billion during the said period.