Indian ADRs gain USD 1.3 bn in April

Indian ADRs gain USD 1.3 bn in April

For the month ended April 30, 2010, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq added USD 1.3 billion to their net market capitalisation.

HDFC Bank leads the pack among the gainers with its valuation jumping by USD 1.47 billion to a total of USD 22.63 billion.

Auto maker Tata Motors held the second spot with its market capitalisation surging by USD 877 million to USD 9.18 billion.

Tata Motors is followed by IT bellwether Infosys Technologies which saw its valuation rising by USD 645 million to USD 34.23 billion.

Out of the 16 companies trading as American Depository Receipts (ADRs), nine of them, including IT icon Wipro and copper producer Sterlite Industries, have witnessed an erosion in their respective market capitalisation.

ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm.

During the month, Wipro has emerged as the biggest loser. The company's valuation plunged by USD 1.24 billion to USD 32.96 billion.

In addition, Sterlite Industries shed USD 395 million of market capitalisation to settle at USD 15.24 billion.

Meanwhile, valuations of IT firm Mahindra Satyam (earlier known as Satyam Computer Services) rose by USD 68 million, followed by BPO company WNS Holdings (USD 66 million), Genpact (USD 24 million)and internet firm (USD 10 million).

Among other losers are internet company Sify Technologies, BPO company EXLService Holdings, private sector lender ICICI Bank, pharma major Dr Reddy's Laboratories and telecom majors Mahanagar Telephone Nigam and Tata Communications, whose valuations slipped in the range of USD 1 million to USD 99 million.

The US markets ended in negative territory on Friday, with Dow Jones Industrial Average closing down 1.42 per cent at 11,008.61 and the S&P 500 falling 1.67 per cent to 1,186.68. Besides, tech heavy Nasdaq was down 2.02 per cent at 2,461.19.