Indian ADRs gain $3 bn in a week

Indian stocks trading on American bourses gained nearly $3 billion in one week, with IT major Wipro accounting for more than half of the gains.

For the week ended August 7, Indian entities listed on the New York Stock Exchange and Nasdaq added $2.97 billion to their market capitalisation, with Wipro's valuation alone climbing by $1.23 billion.

Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was auto maker Tata Motors whose valuation shot up by $383 million.

IT firm Mahindra Satyam's market capitalisation rose by $323 million, while that of IT bellwether Infosys Technologies grew by $316 million. Apart from Wipro, Mahindra Satyam, Infosys and Tata Motors, BPO firm Genpact and private sector lender ICICI Bank too witnessed significant increase in their respective market capitalisation.

Genpact's valuation went up by $248 million, while market capitalisation of ICICI Bank ascended to $150 million in the last week. However, during the week, telecom major Mahanagar Telephone Nigam Ltd (MTNL), IT firm Patni Computer System and outsourcing company EXLService were the only three losers.

Patni Computer shed $36 million, MTNL declined by $3 million and EXLService dipped 0.6 million to its valuation.

Meanwhile, the market capitalisation of outsourcing firm WNS Holdings, private sector lender HDFC Bank and copper producer Sterlite Industries increased by $117 million, $97 million and $78 million respectively.

Among other Indian ADRs telecom major Tata Communications, pharma major Dr Reddy's Laboratories internet firms - Rediff.com and Sify Technologies increased in the range of $7 million to $34 million.

On Friday the US markets ended in the green with the Dow Jones Industrial Average settling up 113.81 points at 9,370.07 and S&P 500 hitting a 10-year high of 1,010.48 points, up 1.34 per cent. Besides, tech heavy Nasdaq was up 1.37 per cent at 2,000.25 points.