Indian stocks trading on American bourses added about USD 10 billion to their combined market valuation past week, with IT major Wipro accounting for USD 2.65 billion to the total gain.
For the week ended November 13, most of the Indian entities listed on the New York Stock Exchange and Nasdaq added USD 10 billion to their market capitalisation.
Wipro, which led the gains among the Indian stocks, saw its market capitalisation rise to USD 29.08 billion last week.
Among the 16 companies which trade as American Depository Receipts (ADRs), IT firm Infosys Technologies was another major gainer with its valuation jumping to USD 29.02 billion past week from USD 1.75 billion a week ago.
The two big private lenders HDFC Bank and ICICI Bank together added USD 3.26 billion to their valuation. HDFC Bank’s valuation rose by USD 1.66 billion to USD 18.73 billion, while that of ICICI Bank grew by USD 1.60 billion to USD 21.64 billion.
Apart from the IT icons and the private sector lenders, copper producer Sterlite Industries too saw a significant addition to its market cap. The company’s valuation rose by USD 1.21 billion to USD 15.9 billion.
ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms.