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Our Bureau

Chennai , Dec. 23

THE Class A common stock of Cognizant Technology Solutions Corporation will become a component of the Nasdaq-100 Index (R) effective at the beginning of trading December 29.

It will replace the US-based PeopleSoft Inc's common stock, which is likely to be acquired by Oracle Corporation on or after that date. Cognizant will join other companies such as Amazon.com, Dell, Intel and Microsoft in the Nasdaq 100 Index.

The Class A common stock of Cognizant will also be included in the Nasdaq-100 Index Tracking Stock, says information available on the Web.

Mr Lakshmi Narayanan, President and CEO, Cognizant, said "We are the only information technology firm on the list, and we are the first and only offshore firm to be included in the NASDAQ-100." The inclusion in the index is a clear indication of the strength of Cognizant's global model and is further validation of the company's leadership status amongst traditional and offshore IT services firms, he said in a press release.

With a market capitalisation of over $5 billion (around Rs 21,875 crore), Cognizant delivers full life cycle solutions to complex application development, maintenance, and re-engineering problems through its on-site/off-shore model. The company's core competencies include data warehousing, Web enabling, Internet, object-oriented development, and legacy platforms.

The US-based firm employs around 15,000 globally, and out of this around 11,000 are deployed at its offshore development centres in India.

The Nasdaq-100 Index, launched in January 1985, is one of the most widely followed benchmarks in the world. The Nasdaq-100 Index Tracking Stock represents ownership in the NASDAQ-100 Trust.

The Trust holds a portfolio of equity securities that compose the NASDAQ-100 Index.

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