Indian cos listed on US bourses gain $70 bn


The market capitalisations of all the US-listed companies grew up to three-fold. IT major Wipro witnessed nearly a two-fold increase in its valuation.
However, only three entities — IT firm Mahindra Satyam, earlier known as Satyam Computer Services, and telecom firms MTNL and Tata Communications— saw a fall in their market capitalisations by a combined $ 2.68 billion.

Valuations up
The valuations of IT firms — Infosys Technologies, Wipro and Patni Computers — increased almost three-fold.
Mirroring the gains in the IT stocks, technology heavyweight Nasdaq gained 48 per cent in 2009.

While Wipro’s valuation jumped $21 billion to $33 billion, the biggest gainer among the Indian firms listed as American Depository Receipts (ADRs) was Infosys whose market capitalisation rose by $18 billion to $31 billion.
During the entire year, the Wall Street gained an average of 25 per cent. The Dow Jones Industrial Average with 22.46 per cent and crossed the 10,000-points mark, while S&P 500 rose 28 per cent to over 1,100-level.

The exception to the broader market gain was Mahindra Satyam whose valuation declined by over $ 2 billion during the year to $3.1 billion.
The scrip witnessed a severe down slide after Satyam’s former Chairman Ramalinga Raju disclosed a financial fraud in the company. The scrip found some of its lost ground after Tech Mahindra took over the scam-hit firm in April 2009.
Another major loser was Tata Communications, who saw its market value tumbling by $418 million, while Mahanagar Telephone Nigam Ltd slipped by just $38 million.
In 2008, the 16 Indian stocks had together witnessed a value erosion of around $100 billion.

Copper producer Sterlite Industries was a gainer whose market valuation surged by $11 billion to $15.7 billion.
Private sector lenders ICICI Bank and HDFC Bank also witnessed a rise in their market capitalisation.
HDFC Bank’s valuation surged by $ 9 billion, while ICICI Bank added only $1.92 billion to its market capitalisation.
Auto maker Tata Motors’ valuation was up by $5.66 billion to $7.58 billion. Pharma company Dr Reddy’s Lab’s valuation rose by $2.5 billion and that of Genpact grew by $1.67 billion.

The market capitalisations of Patni Computer and BPO company WNS Holdings rose to $963 million and $402 million, respectively.
Internet firms like Sify Technologies, Rediff.com and EXL Service recorded gains in the range of $8 million to $290 million in their market valuations.

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