Screaming Skull
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Monday May 4, 2009
Indian companies listed on American bourses saw their cumulative market capitalisation increasing by nearly $14 billion in April, with ICICI Bank (ICICIBANK.NS : 529.9 +50.7) alone accounting for nearly one-fourth of the total gains.
Led by ICICI Bank, which gained $ 3.45 billion in April, the total valuation of 16 Indian stocks trading on the New York Stock Exchange and the Nasdaq climbed by $13.52 billion last month.
Private sector lender HDFC Bank saw its valuation rise by $1.78 billion. At the end of trading on Friday last week, the market capitalisation of ICICI Bank stood at $11.45 billion, while HDFC Bank's was at $11.62 billion.
Besides, IT major Infosys (INFOSYS.BO : 1629.25 +121.95) and Wipro (WIPRO.NS : 365.55 +34.7) witnessed a combined addition of $5.29 billion to their market caps in April.
IT bellwether Infosys' valuation increased $2.12 billion in April to $17.59 billion while Wipro's market cap stood at $13.79 billion at the end of Friday's trade.
Among the Indian stocks, BPO company EXLService was the only one to witness a decline in valuation. EXL Service's market cap stood at $255 million on Friday last week, a loss of $4 million over previous month. US markets witnessed robust trading sessions last month, propeled by the financial sector. Ushering in hopes of a possible early recovery, financial services majors such as Citigroup and Bank of America reported better-than-expected quarterly results. Copper producer Sterlite Industries and auto maker Tata Motors (TATAMOTORS.BO : 257.2 +24.4) saw their valuations jump by $1 billion and $937 million, respectively over the previous month.
BPO companies Genpact and WNS Holdings, IT major Patni Computer Systems (PATNI.NS : 170.95 +9.6) and pharma major Dr Reddy's Laboratories' valuation increased in the range of $81-275 million. During the week ended last Friday, 16 stocks witnessed a gain of $3.55 billion in their total valuation.
Infosys' valuation increased by $1.42 billion during the week, while ICICI Bank gained $152 million over the previous week.