Indian ADRs gain $2.37 bn last week

Indian ADRs gain $2.37 bn last week

New York: Indian stocks trading on American bourses gained more than $2 billion last week led by copper producer Sterlite Industries.

For the week ended 9 October, Indian entities listed on the New York Stock Exchange and Nasdaq added $2.37 billion to their total market capitalisation. Sterlite Industries alone accounted for $858 million and its market valuation stood at $12.07 billion.

Private sector lenders ICICI Bank and HDFC Bank together added $1.18 billion to their market capitalisation. While the valuation of ICICI Bank rose by $685 million to $21.77 billion, HDFC Bank’s market cap grew by $497 million to $16.62 billion.

Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was pharma firm Dr Reddy’s Laboratories whose valuation jumped by $257 million to $3.47 billion.

Besides, Tata Communications too witnessed a significant rise in its market capitalisation. The company saw an increase of $128 million to its valuation.

Some companies including, IT bellwether Infosys Technologies, telecom firm Mahanagar Telephone Nigam Ltd (MTNL) and BPO firm Genpact also declined.

The market capitalisation of IT major Wipro ascended by $73 million, while that of another IT firm Mahindra Satyam grew by $41 million.

ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.

Infosys was the biggest loser during the week, with the IT firm witnessing a value erosion of USD 63 million from its market capitalisation.

During the week, Infosys reported a 7.5% growth in profit to Rs1,540 crore for the second quarter from Rs1,432 crore in the same period previous fiscal.

The valuations of Genpact and MTNL also fell by $49 million and $41 million, respectively. The market cap of IT major Patni Computer System declined by $36 million.

Other ADR gainers were auto maker Tata Motors, BPO company EXLService Holdings, internet firms Sify Technologies and

On Friday, the US markets ended in the green, with Dow Jones Industrial Average closing higher by 78.07 points at 9,864.94 and S&P 500 rising by 6.01 points to 1,071.49. Besides, tech heavy Nasdaq was up 15.35 points at 2,139.28.