Indian ADRs add $6 bn in a week; Infosys, Wipro top gainers

Indian ADRs add $6 bn in a week; Infosys, Wipro top gainers

New York: Indian stocks trading on American bourses added over $6 billion to their cumulative market capitalisation in the past week, led by IT giants Infosys Technologies and Wipro.

For the week ended 3 September, Indian entities listed on the New York Stock Exchange and Nasdaq added $6.08 billion to their market capitalisation, with Infosys and Wipro adding $2.63 billion to their total valuation.

Infosys’ valuation grew by $1.51 billion to $34.64 billion, while that of Wipro rose by $1.12 billion to $33.17 billion.

In addition, private sector lenders HDFC Bank and ICICI Bank collectively saw their m-cap jump by a whopping $2 billion.

HDFC Bank saw its m-cap grow by $1.07 billion to $25.73 billion, while ICICI Bank saw its valuation increase by $986 million to $24.13 billion.

Out of the 16 Indian companies trading as American Depository Receipts (ADRs) on US bourses, 14 ended the week on a positive note, while two companies — software firm Patni Computer Systems and BPO firm WNS Holdings — saw a decline in their m-cap.

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

The valuation of IT firm Mahindra Satyam (earlier known as Satyam Computer Services) climbed by $364.28 million to $3.4 billion. Similarly, pharma major Dr Reddy’s Laboratories saw its market valuation surge by $328 million to $5.16 billion.

Auto major Tata Motors also performed well, with its m- cap rising by $270 million to $10.2 billion. Outsourcing major Genpact and copper producer Sterlite Industries saw an upsurge of $188.56 million and $158 million, respectively, in their market capitalisation.

Other gainers on the American bourses include Internet firms and Sify Technologies, telecom majors Mahanagar Telephone Nigam Ltd and Tata Communications and BPO major EXLService Holdings, whose valuation increased in the range of $11 million to $29 million.

Meanwhile, Patni Computer Systems saw its m-cap eroded by $20 million to $1.26 billion, while BPO firm WNS Holdings shed $4.39 million, taking its m-cap down to $395.04 million.

On Friday, the US markets ended in positive terrain, with the Dow Jones Industrial Average ending up 127.83 points at 10,447.93 and the S&P 500 settling up 14.41 points at 1,104.51. In addition, the tech-heavy Nasdaq was up 33.74 points at 2,233.75.