Indian ADRs add $9 bn in a week

Indian stocks trading on American bourses added over USD 9 billion to their combined market capitalisation last week,with private sector lenders ICICI Bank and HDFC Bank accounting for more than half the gains.

For the week ended November 5,the 15 Indian entities listed as American Depository Receipts (ADRs) on the American stock exchanges together added USD 9.34 billion to their market capitalisation (m-cap),with banking firms cornering USD 4.98 billion out of the total gains.

ICICI Bank’s valuation jumped by USD 2.86 billion to USD 33.04 billion,while the m-cap of HDFC Bank increased by USD 2.12 billion to USD 28.62 billion.

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