Indian stocks trading on American bourses added $10 billion to their cumulative market capitalisation last week with IT icons Infosys Technologies and Wipro accounting for half the total gains.
For the week ended February 19, Indian entities listed on the New York Stock Exchange and Nasdaq, called American Depository Receipts (ADRs), added $10 billion to their market capitalisation, with Infosys and Wipro together contributing $4.93 billion to the total valuation.
Infosys' valuation jumped by $2.88 billion to $31.95 billion, while the market capitalisation of Wipro increased by $2.05 billion to $30.76 billion.
ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm.
Besides, private sector lenders ICICI Bank and HDFC Bank saw a collective gain of $3.07 billion to their total market capitalisation.
ICICI Bank's market capitalisation rose by $1.65 billion to $20.34 billion, while that of HDFC Bank grew by $1.42 billion to $18.33 billion.
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Among the 16 companies trading in ADRs, another major gainer was automaker Tata Motors, whose market capitalisation went up by $486 million to $6.91 billion.
Tata Motors is followed by copper producer Sterlite Industries that saw a hike of $412 million in its valuation to a total of $13.69 billion.
Market capitalisation of IT firm Mahindra Satyam (earlier known as Satyam Computer Services) and BPO company Genpact increased by $269 million and $222 million, respectively.
During the week, outsourcing company EXLService Holdings was the only loser. The company saw a drop of $10 million in its valuation.
Other ADR gainers include Internet firms Sify Technologies and Reddif.com, outsourcing company WNS Holdings, telecom firms Mahanagar Telephone Nigam, Tata Communications, pharma major Dr Reddy's Laboratories and IT firm Patni Computer Systems, whose valuations increased in the range of $1 million to $121 million.
On Friday the US markets ended in the positive territory, with Dow Jones Industrial Average settling up 9.45 points at 10,402.35 and S&P 500 by 2.42 points at 1,109.17. Besides, tech heavy Nasdaq closed down 2.16 points at 2,243.87.