07 September, 2009

Indian ADRs gain $165 mn in a week ended September 4.

For the week ended September 4, three IT stocks- Mahindra Satyam (earlier known as Satyam Computer Services), Infosys Technologies and Patni Computer Systems together added USD 1.02 billion to their market capitalisation. The total gain during the week was offset by the loss suffered by 12 firms including private sector lender ICICI Bank, IT major Wipro and auto maker Tata Motors.

Among the entities trading in American Depository Receipts (ADRs), Wipro ended the week as the biggest loser. The company witnessed a value erosion of USD 278 million. The second major loser was ICICI Bank, which shed about USD 161 million, while the market capitalisation of BPO firm Genpact declined by USD 114 million.

The Dow Jones Industrial Average surged 1.03 per cent to 9,441.27 points and S&P 500 rose 1.31 per cent at 1,016.40 points. Also, tech heavy Nasdaq went up 1.79 per cent at 2,018.78 points on Friday.

The over all market capitalisation of 16 Indian firms trading on American bourses increased by USD 165 million for the week ended September 4.