Indian firms listed in the US have a reason to smile – their total market value has grown by close to 20 billion dollars since the beginning of 2007, despite a sluggish trend prevailing in the American market.
The country’s largest private sector lender ICICI Bank is leading from the front, accounting for nearly half the collective gains posted by 16 Indian companies listed.
The total market capitalisation of these firms has grown beyond 140 billion dollars, against just about 121 billion at the beginning of this year.
The 20-billion dollar gain came despite more than half of the 16 companies recording a loss in their market values in the US during this period.
While ICICI Bank alone has recorded a gain of 9.9 billion dollars, mining giant Sterlite Industries recorded the second biggest gain of 7.3 billion dollars and 6.7 billion dollars clocked by another private sector banking major HDFC Bank.
Other firms which saw their market value grow were Tata group’s VSNL (1.9 billion dollars), IT major Satyam (1.4 billion dollars), state-run telecom firm MTNL (909 million dollars) and BPO firm EXLService (87.5 million dollars).
However, nine Indian ADRs have seen their market values plummeting in 2007. These companies include three software firms Infosys, Wipro and Patni Computer; two BPO firms Genpact and WNS Holdings, two internet companies Rediff.com and Sify, Tata Motors and Dr Reddy’s Labs.
The biggest loss was recorded by Infosys (5.6 billion dollars), while other losers saw their market cap dipping by 100-600 million dollars each.
The latest figures were taken for December 7, when the markets closed for the last week.