The market value of Indian technology stocks listed on the Nasdaq and the New York Stock Exchange (NYSE) have risen by more than 100 per cent from the lows recorded after the September 11 crisis.
The American depository receipts (ADRs) of Sify and Silverline Technologies, which faced the threat of being delisted after quoting below $1, have bounced back by over 200 per cent to trade over $2 per ADR.
The Nasdaq-listed ADRs of Infosys Technologies and Rediff and the NYSE-listed Wipro and Satyam Computer have shot up by over 100 per cent each from their recent all-time lows recorded after September 11, 2001.
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Infosys Technologies made the single largest gain yesterday (Monday, November 26) after the crisis with its ADR rising 9.19 per cent to $66.06. The Infy ADR increased by a whopping 115.88 per cent over its 52-week low of $ 30.60 recorded on September 21, 2001.
Wipro's ADRs, too, gained momentum yesterday, rising 15.17 per cent to $34.55 with volumes soaring to 1.35 lakh ADRs from a modest 10,900 on Friday. The Wipro ADR gained 103 per cent from its 52-week low of $16.99 on September 21. The Satyam Computer ADR soared 107.3 per cent to $10.47 from its low of $5.05 on October 3, 2001.
Satyam Infoway (Sify) pulled itself back from the delisting threat on the Nasdaq, recovering sharply to gain 236.11 per cent at $ 2.42 yesterday after having declined below $1 at $0.72 on September 21, 2001.
The Silverline Technologies ADR increased by 230.77 per cent to $3.01 from a low of $ 0.91 on September 21.