Indian ADRs gain $1.3 bn in past week

HDFC Bank,which leads the pack of gainers among Indian stocks,saw its valuation rise by USD 840 million to USD 20.46 billion.

Private sector lender ICICI Bank follows next with its market capitalisation jumping by USD 372 million to USD 23.08 billion.

However,as many as five companies,including IT icon

Wipro and auto maker Tata Motors witnessed an erosion in their valuations during the week.

Wipro was the biggest loser among the 16 companies trading as American Depository Receipts (ADRs) during the week. The IT firm saw its market capitalisation fall by USD 294 million to USD 33.83 billion.

ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.

Apart from HDFC Bank and ICICI Bank,copper producer Sterlite Industries and IT bellwether Infosys Technologies too saw a gain in their respective market capitalisations.

Sterlite Industries’ valuation rose by USD 176 million to USD 15.13 billion,while the market capitalisation of Infosys increased by USD 125 million to USD 34.77 billion.

Meanwhile,Tata Motors’ market capitalisation fell by USD 112 million to USD 7.98 billion.

Other gainers,which include Internet firm Reddif.com,BPO companies EXLService Holdings and Genpact,telecom major Mahanagar Telephone Nigam Ltd,pharma firm Dr Reddy’s Laboratories,IT companies Patni Computer Systems and Satyam Computer Services,saw their valuations increase in the range of USD 2-96 million.

On the other hand,valuation of WNS Holdings dropped by USD 36 million,that of telecom firm Tata Communications went down by USD 8 million and of Internet company Sify Technologies slipped by USD 0.8 million.

On Friday,the US markets ended mixed,with the Dow Jones Industrial Average ending down 9.15 points at 10,850.36 and the S&P 500 falling 0.86 points to 1,166.59.

Tech heavy Nasdaq was also down 2.28 points at 2,395.13.