The Hindu Business Line : ADRs gain $217 m in a week

NEW YORK: The cumulative valuation of the 16 Indian stocks trading on American bourses rose by $217 million last week, although a host of them witnessed a decline in their market capitalisation.

For the week ended November 20, Indian entities listed on the New York Stock Exchange and Nasdaq added $217 million to their valuation, although the loss suffered by 10 companies eroded some of the gains posted by the remaining six entities.

As many as 10 companies, including private sector lender ICICI Bank and copper producer Sterlite Industries, together lost $1.27 billion from their market capitalisation.

IT major Wipro, which led the gains among the Indian stocks, saw its market capitalisation rising by $921 million to $30 billion last week. Meanwhile, ICICI Bank was the major loser during the week.

The company has witnessed a value erosion of $467 million to its valuation to $21.17 billion. ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.

However, among the 16 companies which trades as American Depository Receipts (ADRs), private sector lender HDFC Bank was another major gainer with its valuation jumping by $288 million to $19.02 billion.

HDFC Bank is followed by IT bellwether Infosys Technologies, whose valuation increased by $206 million to $29.23 billion. - PTI

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