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This is an archive article published on April 26, 2009

Indian ADRs gain over $4 bn in a week

Indian cos listed on American bourses saw their mkt capitalization increasing by more than USD 4 billion.

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Indian companies listed on American bourses saw their cumulative market capitalization increasing by more than USD 4 billion,with IT major Wipro accounting for nearly USD 1.4 billion,for the week ended April 24.

Led by Wipro,the total market valuation of 16 Indian stocks trading on the New York Stock Exchange and the Nasdaq rose by USD 4.35 billion last week.

The IT entity witnessed its valuation jump by USD 1.39 billion.

Leading private sector lenders — HDFC Bank and ICICI Bank — together gained about USD 1.6 billion. While the market capitalisation of HDFC grew by USD 903 million,that of ICICI Bank went up by USD 740 million.

Wipro has reported a 14.77 per cent rise in net profit at Rs 1,010 crore for the fourth quarter ended March,2009. In the year-ago period,the same stood at Rs 880 crore.

In addition,IT bellwether Infosys Technologies’ valuation increased by USD 801 million.

Among the Indian stocks,telecom entity Tata Communications lost the most,shedding USD 127 million in its market capitalisation.

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During the week,the Wall Street witnessed mixed trends and even saw rallies,boosted by some strong corporate results including that of software giant Apple.

 

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