Led by Infosys, Indian ADRs gains $1.4 billion

Led by Infosys, Indian ADRs gains $1.4 billion

New York: Led by IT bellwether Infosys Technologies, the Indian stocks trading on the American bourses gained $1.4 billion to their cumulative market capitalisation last week.

For the week ended 4 June, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq added $1.4 billion to their market capitalisation, with Infosys alone accounting $798 million, taking its valuation to $33 billion.

But out of the 16 companies listed as American depository receipts (ADRs), half of them, including copper producer Sterlite Industries, have witnessed a value erosion in their market capitalisation.

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

Sterlite was the major loser during the week. The company saw its market capitalisation falling $513 million to $11.04 billion.

Valuations of pharma major Dr Reddy’s jumped $349 million to $4.97 billion. Next comes, auto maker Tata Motors whose market capitalisation climbed $311 million to $7.66 billion.

Tata Motors is followed by outsourcing company Genpact which saw its valuation rising $217 million to $3.7 billion.

Private sector lender HDFC Bank and IT icon Wipro too saw their valuations going up. HDFC Bank gained $183 million to $20.94 billion, while Wipro added $162 million to $30.26 billion.

Other gainers include Mahindra Satyam ($40 million) and Sify Technologies ($2 million).

The losers pack include online firm Reddif.com, BPO companies WNS Holdings and EXLService Holdings; ICICI Bank, Tata Communications and Mahanagar Telephone Nigam. These companies saw their valuations slipping in the range of $3 million to $ 59 million.

On Friday the US markets ended in deep red, with Dow Jones settling down by 323.31 points at 9,931.97 and S&P 500 fall by 37.95 points to 1,064.88. Besides, Nasdaq shed 83.86 points at 2,219.17.