Indian cos listed on US bourses gain $70b in 2009
Monday, 4 January 2010
NEW YORK, Jan 3 (PTI): Indian companies listed on the American bourses notched up handsome gains in 2009 as their aggregate valuation scaled upward by USD 70 billion with stock markets worldwide rallying substantially in the year.
The market capitalisations of all the US-listed companies grew up to three-fold. IT major Wipro witnessed nearly a two-fold increase in its valuation.
However, only three entities-IT firm Mahindra Satyam, earlier known as Satyam Computer Services, and telecom firms MTNL and Tata Communications-saw a fall in their market capitalisations by a combined USD 2.68 billion.
The valuations of IT firms-Infosys Technologies, Wipro and Patni Computers-increased almost three-fold.
Mirroring the gains in the IT stocks, technology heavyweight Nasdaq gained 48 per cent in 2009.
While Wipro's valuation jumped USD 21 billion to USD 33 billion, the biggest gainer among the Indian firms listed as American Depository Receipts (ADRs) was Infosys whose market capitalisation rose by USD 18 billion to USD 31 billion.
During the entire year, the Wall Street gained an average of 25 per cent. The Dow Jones Industrial Average with 22.46 per cent and crossed the 10,000-points mark, while S&P 500 rose 28 per cent to over 1,100-level.
The exception to the broader market gain was Mahindra Satyam whose valuation declined by over USD two billion during the year to USD 3.1 billion.
The scrip witnessed a severe down slide after Satyam's former Chairman Ramalinga Raju disclosed a financial fraud in the company. The scrip found some of its lost ground after Tech Mahindra took over the scam-hit firm in April 2009.
Another major loser was Tata Communications, who saw its market value tumbling by USD 418 million, while Mahanagar Telephone Nigam Ltd slipped by just USD 38 million.
In 2008, the 16 Indian stocks had together witnessed a value erosion of around USD 100 billion.
Copper producer Sterlite Industries was a gainer whose market valuation surged by USD 11 billion to USD 15.7 billion.
Private sector lenders ICICI Bank and HDFC Bank also witnessed a rise in their market capitalisation.
HDFC Bank's valuation surged by USD nine billion, while ICICI Bank added only USD 1.92 billion to its market capitalisation.
Auto maker Tata Motors' valuation was up by USD 5.66 billion to USD 7.58 billion. Pharma company Dr Reddy's Lab's valuation rose by USD 2.5 billion and that of Genpact grew by USD 1.67 billion.
The market capitalisations of Patni Computer and BPO company WNS Holdings rose to USD 963 million and USD 402 million, respectively.
Internet firms like Sify Technologies, Rediff.com and EXL Service recorded gains in the range of USD 8 million to USD 290 million in their market valuations.
The market capitalisations of all the US-listed companies grew up to three-fold. IT major Wipro witnessed nearly a two-fold increase in its valuation.
However, only three entities-IT firm Mahindra Satyam, earlier known as Satyam Computer Services, and telecom firms MTNL and Tata Communications-saw a fall in their market capitalisations by a combined USD 2.68 billion.
The valuations of IT firms-Infosys Technologies, Wipro and Patni Computers-increased almost three-fold.
Mirroring the gains in the IT stocks, technology heavyweight Nasdaq gained 48 per cent in 2009.
While Wipro's valuation jumped USD 21 billion to USD 33 billion, the biggest gainer among the Indian firms listed as American Depository Receipts (ADRs) was Infosys whose market capitalisation rose by USD 18 billion to USD 31 billion.
During the entire year, the Wall Street gained an average of 25 per cent. The Dow Jones Industrial Average with 22.46 per cent and crossed the 10,000-points mark, while S&P 500 rose 28 per cent to over 1,100-level.
The exception to the broader market gain was Mahindra Satyam whose valuation declined by over USD two billion during the year to USD 3.1 billion.
The scrip witnessed a severe down slide after Satyam's former Chairman Ramalinga Raju disclosed a financial fraud in the company. The scrip found some of its lost ground after Tech Mahindra took over the scam-hit firm in April 2009.
Another major loser was Tata Communications, who saw its market value tumbling by USD 418 million, while Mahanagar Telephone Nigam Ltd slipped by just USD 38 million.
In 2008, the 16 Indian stocks had together witnessed a value erosion of around USD 100 billion.
Copper producer Sterlite Industries was a gainer whose market valuation surged by USD 11 billion to USD 15.7 billion.
Private sector lenders ICICI Bank and HDFC Bank also witnessed a rise in their market capitalisation.
HDFC Bank's valuation surged by USD nine billion, while ICICI Bank added only USD 1.92 billion to its market capitalisation.
Auto maker Tata Motors' valuation was up by USD 5.66 billion to USD 7.58 billion. Pharma company Dr Reddy's Lab's valuation rose by USD 2.5 billion and that of Genpact grew by USD 1.67 billion.
The market capitalisations of Patni Computer and BPO company WNS Holdings rose to USD 963 million and USD 402 million, respectively.
Internet firms like Sify Technologies, Rediff.com and EXL Service recorded gains in the range of USD 8 million to USD 290 million in their market valuations.