Indian ADRs gain more than $20 b in May

Indian ADRs gain more than $20 b in May


The market capitalisation of 16 Indian firms listed as American Depository Receipts soared by US$20.41 billion, with private sector lender ICICI Bank and IT major Wipro together accounting for nearly half of the total gains.
Among the 16 companies trading on the New York Stock Exchange and the Nasdaq, ICICI Bank’s valuation jumped as much as US$ 5.78 billion.
The market value of Wipro climbed US$ 3.72 billion in May.
Another major gainer was leading copper producer Sterlite Industries whose valuation went up as much as US$ 3.34 billion.
Private sector lender HDFC Bank and IT bellwether Infosys Technologies too witnessed significant increase in their respective market capitalisation.
HDFC Bank valuation went up by US$ 3.1 billion, while the market capitalisation of Infosys surged US$ 2.42 billion.
In addition, auto maker Tata Motors’ market capitalisation grew by US$ 926 million in May, while that of telecom major Mahanagar Telephone Nigam Ltd rose by US$ 465 million.

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