Indian ADRs Rise to Five-Month High on Investment Measures
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Indian shares traded in New York gained to the highest level in five months and ICICI Bank Ltd. surged the most since June after the Indian government approved measures to open up foreign direct investment in the retail and aviation sectors.
The Bank of New York Mellon India ADR Index climbed 3.4 percent to 1,037.36 by 12:02 p.m. in New York, the highest since April 12. ICICI, the biggest private lender, and Tata Motors Ltd., the owner of Jaguar Land Rover, led gains.