Indian stocks trading on American bourses gained about $11 billion in one month, with IT bellwether Infosys and private sector lender HDFC Bank accounting almost half of the gains. For the month ended September 30, Indian entities listed on the New York Stock Exchange and Nasdaq added $10.61 billion to their market-cap, with Infosys and HDFC Bank together contributing $5.82 billion.
Infosys’ valuation grew by $3.01 billion, while that of HDFC Bank rose by $2.81 billion. The market capitalisation of ICICI Bank jumped by $1.87 billion. PTI while copper producer Sterlite Industries saw an increase of $1.82 billion to its valuations.
Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was pharma major Dr Reddy’s Laboratories whose market capitalisation increased by $570 million.
Apart from Infosys, HDFC Bank, ICICI Bank, Sterlite Industries and Dr Reddy’s Laboratories, IT major Wipro too witnessed a significant increase to its market capitalisation. The company saw an increase of $322 million to its valuation.
ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.