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Tatas defensive after Nano fire.......With yet another Nano catching fire in New Delhi on Friday, Tata Motors is on the backfoot again as the fire incident is the third in the last six months and occurred within three months after the company declared the car safe after a "thorough investigation" in May and initiated the pre-emptive process of inspecting all the Nanos on the roads.

"We will find out why this incident has taken place and, if necessary, take all requisite steps. While this incident has taken place,    http://www.indianexpress.com/news/tatas-defensive-after-nano-fire/673872/1
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Indian companies listed on the US bourses shed USD 3 billion in combined market capitalisation last week, with IT and financial stocks the worst-hit. 

An analysis of the market capitalisation of 16 Indian entities that are listed on the US stock exchanges in the form of American Depository Receipts (ADR) shows these firms lost a whopping USD 3 billion, while in the previous week they had gained the same amount (USD 3 billion). 

IT and financial scrips were among the worst-hit during the week ended August 27, with jittery investors preferring to book profits amid concerns over the global economic recovery. 

Software exporters Infosys and Wipro saw erosion of about USD 1.55 billion in their combined market capitalisation during the week. 

Infosys Technologies was the worst hit, suffering a loss of USD 891.35 million in market capitalisation to USD 33.13 billion, while Wipro saw its m-cap eroded by USD 660.55 million to USD 32.04 billion. 

Apart from the IT sector, the maximum loss was seen in private sector banking giants ICICI Bank and HDFC Bank, which together shed over 1 billion in their valuation. 

While ICICI Bank lost about USD 552 million to USD 23.14 billion, HDFC Bank saw m-cap erosion of USD 503 million to USD 24.65 billion. 

Marketmen said the decline in banking ADRs was primarily triggered by heavy profit-booking, as the counters had rallied in recent sessions. 

In the past week, out of the 16 US-listed Indian companies, 12 companies settled with losses, while four managed to end with gains. ADRs are traded in the US markets just like stocks and are issued by a bank or a brokerage firm. 

Auto major Tata Motors ended in the red after suffering a loss of USD 270.3 million to USD 9.93 billion. Another IT major that featured in the losing list was Patni Computer Systems, which shed USD 186 million in m-cap to USD 1.28 billion. 

However, the losses in the Indian ADRs were cushioned to some extent by gains registered by BPO firm Genpact and pharma major Dr Reddy's Laboratories. 

For the week ended August 27, Genpact gained USD 129.22 million to USD 3.1 billion, while Dr Reddy's valuation swelled by USD 62.45 million to USD 4.83 billion. 

Among the gainers were two more outsourcing firms, EXL Service Holdings and WNS Holdings, which saw their valuation increase by USD 27.73 million and USD 3.52 million, respectively. 

Meanwhile, copper producer Sterlite Industries and Mahindra Satyam (earlier known as Satyam Computer Services) also finished the week in the negative terrain, with the former shedding USD 99 million and the latter plunging by USD 40.53 million. 

Among the other losers were telecom majors Mahanagar Telephone Nigam Ltd (MTNL) and Tata Communications and Internet firms Sify Technologies and Rediff.com, which fell in the range of USD 3.18 million to USD 34.6 million. 

Broader markets were also weak in the past week, with the Nasdaq losing 1.2 per cent and the Dow Jones Industrial Average falling by 0.62 per cent. 

However, some of the losses in the US equity market were recouped at the end of the week, when Federal Reserve Chairman Ben Bernanke said the US central bank "will do all that it can" to safeguard the recovery and growth, which boosted investor confidence. 

On Friday, the US markets ended in the green, with the Dow Jones Industrial Average surging by 1.65 per cent to 10,150.65 and the S&P 500 rising 1.66 per cent to 1,064.59. The Nasdaq closed 1.65 per cent higher at 2,153.63.
http://economictimes.indiatimes.com/Analysis/articleshow/6455797.cms