Bucking the general trend, Indian firms listed on the New York Stock Exchange (NYSE) have set a record with their trading volumes surging seven per cent to nearly $66 billion this year.
During the first 11 months of this year, the total trading volume of NYSE-listed Indian ADRs was about $65.9 billion as against $61.5 billion in the entire 2007, while it was just $24.7 billion in 2006, the NYSE Euronext said in a release.
The exchange stated that it has provided a liquid market for Indian companies listed on it and their trade volumes have almost tripled since 2006.
The dozen companies listed on the NYSE include -- Wipro, ICICI Bank, HDFC Bank, Tata Motors, Dr Reddy's Laboratories, MTNL and Satyam.
Interestingly, the valuation of Indian American Depository Receipts (ADRs) has continued to be higher than the underlying shares listed on the domestic bourses.
Through the first 11 months of 2008, 10 of the 12 Indian firms listed on the NYSE had an average ADR valuation which was at a premium as against the underlying shares.
The average valuation stood at 5.1 per cent at the end of 11 months in 2008, the average is the same as that of 2007.
Coinciding with the whole year performance, the Indian stocks listed on the American bourses gained as much as $2 billion in the past week alone.
Among the Indian firms trading as American Depository Receipts (ADRs), IT major Wipro gained the most, adding $1.06 billion to its market capitalisation in the week gone by.
