Indian shares on US bourses gain over $3 bn

Indian stocks trading on American bourses gained more than USD 3 billion in a week, with private sector lender HDFC Bank accounting half of it.

For the week ended June 12, Indian entities listed on the New York Stock Exchange and Nasdaq added USD 3.21 billion to their market capitalisation, with the valuation of HDFC Bank alone climbing USD 1.16 billion.

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Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was copper producer Sterlite Industries whose market value shot up by USD 850 million.

Apart from HDFC Bank and Sterlite Industries, IT bellwether Infosys Technologies and scam-hit Satyam Computer Services too witnessed a significant rise in their respective market capitalisations.

While the valuation of Infosys grew by USD 619 million , that of Satyam Computer rose by USD 361 million.

Shares of Satyam Computer climbed higher on the NYSE last week after the entity reported a standalone profit of Rs 181 crore for the October-December quarter.

courtesy - economictimes