Indian firms add $5.33 bn to their US Mcap

Indian firms add $5.33 bn to their US Mcap

New York: Indian stocks trading on the American bourses added $5.33 billion to their cumulative market capitalisation, with the IT bellwether Infosys Technologies and private sector lender ICICI Bank accounting nearly half of the gain.

For the week ended 4 December, Indian entities listed on the New York Stock Exchange and Nasdaq added $5.33 billion to their market capitalisation, out of which $2.08 billion were added by Infosys and ICICI Bank.

Infosys’ valuation grew by $1.07 billion to $29.93 billion, while that of ICICI Bank rose by $1.01 billion to $21.29 billion.

Among the Indian 16 companies trading as American Depository Receipts (ADRs), only two online firms--Sify Technologies ($3 million) and ($6.7 million) saw value erosion last week.

Copper producer Sterlite Industries’ market US capitalisation shot up by $862 million to $16.37 billion, while auto maker Tata Motors saw a growth of $846 million to its valuation at $7.02 billion and HDFC Bank rose up by $736 million to $19.76 billion.

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

The troubled Mahindra Satyam saw a value addition of $364 million to $3.26 billion, while Wipro rose by $249 million to USD 29.96 billion.

During the week, BPO company Genpact’s market capitalisation remained unchanged to $2.9 billion.

Among other gainers are pharma major Dr Reddy’s, Patni Computer Systems, outsourcing companies like EXLService Holdings, and WNS Holdings, telecom firms Mahanagar Telephone Nigam and Tata Communications increased in the range of $2 to 69 million.

Wall Street closed in the green on Friday following an unexpected drop in the unemployment rates in November, which saw a dip of 5,000 to 4,57,000, indicating that tough labour market conditions may be slowly easing.

On Friday, the Dow ended up 22.75 points at 10,388.90 and the S&P 500 rose 6.06 points to 1,105.98 and Nasdaq was up 21.21 points at 2,194.35 points.