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Indian companies net $20 Bn on U.S. market in '07
By siliconindia
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Wednesday, 12 December 2007, 03:05 IST |
6 Comments
New York: The total market value of Indian companies listed in the U.S. market has grown close to $20 billion since the beginning of 2007, in spite of a sluggish trend continuing in the American market.
The largest Indian private sector lender ICICI Bank is guiding from the front, accounting for nearly half the collective gains among the 16 Indian companies listed in the market.
The total market capitalization of these companies has grown beyond $140 billion, where it was about $121 billion at the beginning of this year.
The $20 billion gain came despite more than half of the 16 companies recording a loss in their market values in the U.S. during this period.
ICICI Bank alone has recorded a gain of $9.9 billion; Sterlite Industries recorded the second biggest gain of $7.3 billion and HDFC bank recorded about $6.7 billion.
Other players who saw their market value grow were Tata group's VSNL ($1.9 billion), Satyam ($1.4 billion), state-run telecom firm MTNL ($909 million) and BPO firm EXLService ($87.5 million).
Meanwhile, Nine Indian American Depositary Receipt (ADRs) has seen their market values falling 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, also Tata Motors and Dr.Reddy's Labs.
Infosys recorded the biggest loss ($5.6 billion), while other losers saw their market captial going down by $100-600 million each.
The latest figures were taken for December 7, when the markets closed for the last week.