26 April,2009 10:43 AM IST | | PTI
Indian companies listed on American bourses saw their cumulative market capitalisation increasing by more than $4 billion, with IT major Wipro accounting for nearly $1.4 billion, for the week ended April 24.
Led by Wipro, the total market valuation of 16 Indian stocks trading on the New York Stock Exchange and the Nasdaq rose by $4.35 billion last week.
The IT entity witnessed its valuation jump by $1.39 billion. Leading private sector lenders - HDFC Bank and ICICI Bank - together gained about $1.6 billion.
While the market capitalisation of HDFC grew by $903 million, that of ICICI Bank went up by $740 million. Wipro has reported a 14.77 per cent rise in net profit at Rs 1,010 crore for the fourth quarter ended March, 2009.
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In the year-ago period, the same stood at Rs 880 crore. In addition, IT bellwether Infosys Technologies' valuation increased by $801 million. Among the Indian stocks, telecom entity Tata Communications lost the most, shedding $127 million in its market capitalisation.
During the week, the Wall Street witnessed mixed trends and even saw rallies, boosted by some strong corporate results including that of software giant Apple.
Copper producer Sterlite Industries and auto maker Tata Motors saw their respective valuations jump by $354 million and $238 million, respectively.
BPO companies - Genpact and WNS Holdings, pharma major Dr Reddy's Laboratories, IT major Patni Computer Systems' valuation increased in the range of $2 to $67 million.
On other hand, the market capitalisations of telecom major Mahanagar Telephone Nigam Ltd (MTNL)and Satyam Computer Services witnessed a decline during the week.
The market valuation of MTNL fell by $44 million and that of Satyam Computer by $30 million.
Internet entities - Rediff.com and Sify Technologies and BPO company EXLService witnessed their market capitalisation fall by as much as $23 million.
