Indian ADRs add $3-bn; banking stocks top gainers

Indian ADRs add $3-bn; banking stocks top gainers

New York: Indian stocks trading on American bourses added nearly $3 billion to their cumulative market capitalisation last week, with private sector lenders — HDFC Bank and ICICI Bank — accounting for most of the gains.

For the week ended 20 August, Indian entities listed on the New York Stock Exchange and Nasdaq added about $3 billion to their market capitalisation.

HDFC Bank and ICICI Bank together contributed $1.7 billion to the total valuation.

While HDFC Bank added $1.09 billion, taking it m-cap to $25.16 billion, ICICI Bank’s valuation rose by $723.44 million to $23.69 billion.

ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm.

Among other major gainers were Tata Motors, Wipro, Infosys Technologies and Tata Communications.

While Tata Motors’ m-cap jumped by $508 million to $10.2 billion, Wipro’s valuation shot up by $368.57 million to $32.7 billion and Infosys’ rose by $297 million to $34.02 billion.

Telecom major Tata Communications’ market capitalisation increased by $104 million to $2.09 billion during the week. M-cap of copper producer Sterlite Industries and IT firm Patni Computer Systems too went up by $25.22 million and $15 million, respectively.

Other ADR gainers included BPO companies — WNS Holdings that rose by $7 million and Mahanagar Telephone Nigam which gained $6.28 million.

However, IT firm Mahindra Satyam saw a loss of $114 million from its valuations to $30.7 billion, while m-cap of Dr Reddy’s decreased by $108 million to $4.77 billion.

Besides, outsourcing firms - Genpact and EXLService Holdings, internet firms - and Sify Technologies, valuations also fell in the range of $1 million to $85 million.

On Friday the US markets ended in a negative terrain, with Dow Jones Industrial Average ending 57.59 points lower at 10,213.62 and the S&P 500 settling 3.94 points down to 1,071.69. Besides, tech heavy Nasdaq was flat at 2,179.76.