Indian ADRs gain USD 5 bn in first week of June

New York, June 7 (PTI) Led by IT majors Wipro and
Infosys, Indian stocks listed on the American bourses saw
their cumulative market capitalisation rising by nearly USD
5 billion for the week ended June 5.

Wipro and Infosys accounted for about USD 1.74 billion of
the total market value gains of USD 4.74 billion recorded by
the 16 Indian shares trading as American Depository Receipts.

Among the entities listed on the New York Stock Exchange
and the Nasdaq, the market capitalisation of Wipro jumped by
USD 894 million while that of Infosys rose by USD 847 million.

Copper producer Sterlite Industries' valuation shot up by
USD 790 million.

Leading private sector lenders ICICI Bank and HDFC Bank
witnessed their respective valuations increase by USD 790
million and USD 427 million, respectively.

Further, auto maker Tata Motors saw its maket
capitalisation climb by USD 285 million.

In the first week of this month, the US markets were
mostly trading in the positive territory, bolstered by
encouraging manufacturing data and rising hopes of an early
economic recovery.

On Friday, the American stock market closed on a flat
note amid the latest data showing that there were lesser
number of job losses than expected in the month of May.

Telecom firm Mahanagar Telephone Nigam Ltd witnessed an
increase of USD 207 million in its market valuation.

Besides, the valuations of Satyam Computer Services and
Tata Communications Ltd grew by USD 148 million and USD 141
million, respectively.

Pharma major Dr Reddy's Laboratories saw its market
capitalisation rise by USD 135 million, while BPO entity
Genpact's valuation grew by USD 126 million.

Meanwhile, internet firm Rediff.com and outsourcing
company WNS Holding ended up as the losers for the week ended
June 5.

Rediff.com shed USD 10 million in valuation, while WNS
Holding's market capitalisation declined by USD 7 million.

Among other ADRs -- internet company Sify Technologies,
BPO entity EXLService and IT major Patni Computer System
valuation decreased in the range of USD 1-14 million. PTI SP
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