Indian stocks trading on American bourses added over USD six billion to their cumulative market capitalisation last week, with IT icons - Infosys Technologies and Wipro - accounting for half of the total gains.
Indian stocks trading on American bourses added over USD six billion to their cumulative market capitalisation last week, with IT icons - Infosys Technologies and Wipro - accounting for half of the total gains.
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For the week ended February 12, the 16 companies trading as American Depository Receipts (ADRs) on the New York Stock Exchange and Nasdaq added USD 6.26 billion to their market capitalisation.
Infosys and Wipro together added USD 3.19 billion to the total valuation, during the said period. Infosys' valuation jumped by USD 1.77 billion to USD 30.84 billion, while that of Wipro increased by USD 1.42 billion to USD 30.13 billion.
Another major gainer was private sector lender ICICI Bank whose market capitalisation rose by USD 1.05 billion to USD 19.74 billion. ADRs are bought and sold on American markets just like stocks and are issued in by a bank or a brokerage firm.
ICICI Bank is followed by rival HDFC Bank, whose valuation grew by USD 658 million to USD 17.57 billion. Apart from Infosys, Wipro, ICICI Bank and HDFC Bank, copper producer Sterlite Industries and auto maker Tata Motors also witnessed a significant gain to their respective market capitalisation.
Sterlite Industries' valuation went up by USD 596 million to USD 13.88 billion and the market capitalisation of Tata Motors surged by USD 400 million to USD 6.82 billion.
The market capitalisation of BPO company Genpact and IT firm Mahindra Satyam (earlier known as Satyam Computer Services) increased by USD 209 million and USD 108 million, respectively.
During the week, pharma major Dr Reddy's Laboratories' valuation fell by USD 98 million and the market capitalisation of outsourcing firm EXLService Holdings declined by USD 3 million.
Among other gainers include (Internet firms) Sify Technologies and Reddif.com, BPO firm WNS Holdings, IT company Patni Computer Systems, and telecom firms Mahanagar Telephone Nigam Ltd and Tata Communications whose valuation increased in the range of USD 1 million to USD 64 million.
On Friday the US markets ended with a mixed reaction, with Dow Jones Industrial Average ending down 45.05 points at 10,099.14 and the S&P 500 settling down by 2.96 points to 1,075.51. Besides, tech heavy Nasdaq was up 6.12 points at 2,183.53.
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