PTI

Indian ADRs gain over USD 6 bn last week

Sun, Nov 8 09:55 AM

New York, Nov 8 (PTI) Led by private sector lender HDFC Bank, Indian stocks trading on American bourses gained over USD 6 billion last week. For the week ended November 6, Indian entities listed on the New York Stock Exchange and Nasdaq added USD 6.41 billion to their market-cap, with HDFC Bank alone accounting for USD 1.38 billion.

The banking major''s valuation stood at USD 17.06 billion. Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was IT firm Wipro whose valuation jumped by USD 1.3 billion to USD 26.43 billion.

Apart from HDFC Bank and Wipro, copper producer Sterlite Industries and IT bellwether Infosys Technologies also witnessed a substantial gain to their market capitalisation. Sterlite Industries'' valuation grew by USD 1.10 billion to USD 14.69 billion, while that of Infosys Technologies rose by USD 1.02 billion to its valuation of USD 27.26 billion.

ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms. The market capitalisation of outsourcing firm Genpact went up by USD 444 million to USD 3.01 billion and auto maker Tata Motors saw an increase of USD 347 million to USD 5.47 billion.

Private sector lender ICICI Bank''s market capitalisation rose by USD 256 million to USD 2.03 billion and pharma major Dr Reddy''s Laboratories witnessed a growth of USD 256 million to USD 3.88 billion. .

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