ADRs gain over $2.60 bn, Infosys contributes most

ADRs gain over $2.60 bn, Infosys contributes most

New York: Indian stocks trading on American bourses gained over $2.60 billion last week with IT bellwether Infosys Technologies accounting for half of the gains.

For the week ended 28 August, Indian entities listed on the New York Stock Exchange and Nasdaq added $2.63 billion to their valuation. Infosys alone contributed $1.13 billion to the total gain.

The valuation of IT major Wipro rose by $673 million, while that of copper producer Sterlite Industries grew by $553 million.

Infosys and Wipro last week bagged a sizable chunk of five-year outsourcing deal from British oil giant BP. The multi-crore rupee contract will a big boost for these companies, currently under pricing and margin pressure in the wake of global downturn.

Auto maker Tata Motors gained $445 million.

However, private sector lender HDFC Bank emerged as the major loser during the week. The company witnessed a value erosion of 190 million dollars.

Among the 16 companies trading as American Depository Receipts (ADRs), Mahindra Satyam’s valuation climbed by $67 million.

The market capitalisation of telecom major Tata Communications and IT firm Patni Computer Systems increased by $53 million and $42 million respectively.

However, total gain of about $3 billion was offset by a handful of companies including BPO firm Genpact, private sector lender ICICI Bank and telecom major Mahanagar Telephone Nigam Ltd (MTNL).

The second biggest loser was Genpact, shedding $60 million to its valuation, while ICICI Bank’s market capitalisation declined by $28 million.

Other losers include MTNL, pharma major Dr Reddy’s Laboratories, outsourcing firms WNS Holdings and EXLService Holdings, internet companies and Sify Technologies slipped in the range of $4 million to $13 million.