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This is an archive article published on April 1, 2009

Indian ADRs gain over $9 bn in March

Led by Wipro,Indian cos on American bourses saw $9 bn rise in their market capitalisation.

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Led by IT major Wipro,Indian companies listed on American bourses saw rise in their total market capitalisation by as much as USD 9 billion in March.

The 16 Indian entities’ trading as American Depository Receipts (ADRs) gained USD 9.08 billion in valuation for the month of March,with Wipro alone accounting for USD 2.06 billion.

Among the stocks listed on the New York Stock Exchange and Nasdaq,apart from Wipro,leading copper producer Sterlite Industries witnessed its market valuation jump by USD 1.75 billion.

Last month,American markets made significant gains amid hopes that the worst of the economic crisis could well be over. Even though latest data showed that the US GDP shrank 6.3 per cent in the fourth quarter of 2008,the contraction was less than expected.

Also,the Federal government came up with new plans including a public-private partnership to buy toxic assets worth USD 1 trillion.

IT bellwether Infosys’ valuation jumped by USD 1.39 billion,whereas private sector lender HDFC Bank added USD 1.32 billion to its market capitalisation.

Indian conglomerate Tata Group entities – Tata Communications and Tata Motors — together saw their market valuations increase by USD 1.42 billion.

 

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