Indian ADRs gain nearly USD 4 bn in one week

New York, May 10 (PTI) Indian companies trading on
American bourses saw their cumulative market capitalisation
jump nearly USD 4 billion in one week, with IT major Wipro and
copper producer Sterlite Industries accounting for more than
half of the gains.

The total market capitalisation of 16 entities listed as
American Depository Receipts shot up by USD 3.67 billion for
week ended May 8.

Among the shares listed on the New York Stock Exchange
and the Nasdaq, Wipro and Sterlite together added as much as
USD 2.65 billion to their in market capitalisations.

While Wipro's valuation grew by USD 1.38 billion, that of
Sterlite Industries' rose USD 1.27 billion.

Another major gainer was private sector lender HDFC Bank
whose market valuation increased by USD 742 million.

However, IT bellwether Infosys Technologies witnessed its
market capitalisation decline by USD 705 million.

On the other hand, leading private sector lender ICICI
Bank saw its market capitalisation climb by USD 334 million
while that of outsourcing company Genpact's valuation went up
by USD 277 million.

Last week, the Wall Street had mixed trends and ended
with gains, following the outcome of the stress tests on the
country's financial institutions.

Auto maker Tata Motors, BPO company WNS Holdings and
pharma major Dr Reddy's Laboratories saw their respective
valuations jump by USD 85 million, USD 78 million and USD 76
million, respectively.

Among other Indian ADRs, the market capitalisations of
telecom major Tata Communication, internet firms --
Rediff.com, Sify Technologies and Satyam Computer Services --
rose in the range of USD 10 million to USD 57 million.

Meanwhile, BPO firm EXLService, telecom major Mahanagar
Telephone Nigam Ltd (MTNL) and another IT firm Patni Computer
Systems, too saw marginal fall in their respective valuations.

The market valuation of MTNL fell by USD nine million,
whereas that of EXLService and Patni Computer Systems declined
by USD 3.46 million and USD 1.3 million, respectively.

On Friday, the US markets saw significant gains. The
benchmark Dow Jones Industrial shot up by 164 points, or
nearly two per cent, to end the day at 8,574.65 points. PTI SP
AM