Indian ADRs add over USD 23 bn in September

New York, Oct 3 (PTI) Indian stocks trading on American
bourses added over USD 23 billion to their cumulative market
capitalisation in September, with IT giants Wipro and Infosys
accounting for more than half of the total gains.
American Depository Receipts (ADRs)are bought and sold
on American markets just like stocks and are issued by banks
or brokerage firms.
Indian entities listed on the New York Stock Exchange and
Nasdaq added USD 23.31 billion to their market capitalisation
in the last month.
IT majors stole the show with Azim Premji's Wipro and
software giant Infosys Technologies together contributing USD
12.4 billion to the total market capitalisation. The valuation
of the former swelled by USD 6.22 billion to USD 38.31 billion
while that of the latter grew by USD 6.17 billion to USD 40.27
billion.
The IT majors were followed by the private sector lenders
ICICI Bank and HDFC Bank, which saw a jump of USD 7.75
billion in their collective wealth. ICICI Bank's valuation
surged by USD 4.53 billion to USD 29.19 billion and that of
HDFC Bank increased by USD 3.22 billion to USD 28.48 billion
during September.
Among the 16 firms trading as ADRs 12 ended the month on
a positive note while the rest closed in a negative terrain.
The IT firm Mahindra Satyam, earlier known as Satyam
Computer Services, whose ADRs will be delisted from NYSE on
October 14, emerged as the biggest loser with the wealth
erosion of USD 445 million to USD 2.67 billion.
Apart from the gainers in the IT and banking pack, auto
major Tata Motors saw a significant gain in its market
capitalisation. The company's m-cap soared by USD 1.65 billion
to USD 11.51 billion.
Besides, drug firm Dr Reddy's Laboratories gained USD 793
million to USD 5.72 billion in terms of m-cap. Outsourcing
firm Genpact and copper producer Sterlite Industries went up
by USD 757.53 million and USD 340.13 million, respectively.
Other ADR gainers were -- internet firms -- Rediff.com
and Sify Technologies, BPO player EXLService Holdings and the
telecom major Mahanagar Telephone Nigam, whose valuation
increased in the range of USD 13 million to USD 87 million.
Other than Mahindra Satyam, the valuations of Tata
Communications and Patni Computer Systems slipped by USD
169.52 million and USD 17.86 million, respectively. BPO firm
WNS Holdings' m-cap too saw a marginal value erosion of USD
0.43 million.
On Friday the US markets ended in the positive territory,
with Dow Jones Industrial Average ending 41.63 points up at
10,829.68 and the S&P 500 settling up 5.04 points to 1,146.24.
Besides, tech heavy Nasdaq was up 2.13 points at 2,370.75. PTI
MAR