Wipro top gainer as Indian ADRs gain USD 1 bn in a week

Wipro top gainer as Indian ADRs gain USD 1 bn in a week

For the week ended July 9, the 16 Indian companies listed on the New York Stock Exchange and Nasdaq together added USD 1.07 billion to their total market capitalisation, with Wipro alone accounting for USD 955 million to the total gain.

Private sector lenders HDFC Bank and ICICI Bank collectively witnessed a gain of USD 342 million. HDFC Bank's valuation rose by USD 181 million to USD 22.58 billion, while that of ICICI Bank grew by USD 161 million to a total of USD 20.91 billion.

Out of the 16 companies listed as American Depository Receipts (ADRs), 10 of them, including pharma major Dr Reddy's Laboratories and BPO company Genpact, saw a value erosion in their respective market capitalisation.

During the week, Genpact came out as the biggest loser with USD 158 million vanishing from its market capitalisation of USD 3.4 billion. Genpact is followed by Dr Reddy's Laboratories whose valuation fell by USD 141 million to USD 5.28 billion.

Meanwhile IT behemoth Infosys Technologies' m-cap swelled by USD 153 million to USD 35.73 billion. Another firm that surged on the American bourses was telecom major Tata Communications, which climbed by USD 107 million to USD 1.69 billion.

Among other losers, IT major Patni Computer Systems and auto maker Tata Motors lost USD 82 million and USD 32 million respectively.

Also, valuations of Internet firms --Rediff.com and Sify Technologies, BPO companies --WNS Holdings and EXLService Holdings, telecom major Mahanagar Telephone Nigam and copper producer Sterlite Industries, declined in the range of USD 1 million to USD 19 million.

However, valuation of IT firm -- Mahindra Satyam (earlier known as Satyam Computer Services) remain unchanged during the week at USD 3.45 billion.

On Friday, the US markets ended in the green, with Dow Jones Industrial Average rising by 59.04 points at 10,198.03 and S&P 500 going up by 7.71 points to 1,077.96.
Besides, tech heavy Nasdaq surged 21.05 points at 2,196.45

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