Business Daily from THE HINDU group of publications
Sunday, Dec 10, 2006
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Business Daily from THE HINDU group of publications Sunday, Dec 10, 2006 ePaper |
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Bangalore , Dec. 9 Infosys Technologies has found a slot in the Nasdaq Top 100 index, setting the bar for other Indian companies. The Bangalore-based IT major is the first Indian company to get into Nasdaq Top 100, rubbing shoulders with the likes of Dell, Microsoft and Intel. Infosys closed at $55.03 on Nasdaq on Friday. Based on its overseas market cap of $5.6 billion, it is likely to have a rank of around 80 on the Nasdaq 100 Index. The company's position will be announced on Monday. "India is leading the global growth and companies like Infosys are helping corporates worldwide to effectively compete in a flat world. This is a great recognition not only for Infosys but for the whole country," said Mr V. Balakrishnan, CFO, Infosys Technologies, adding that it was the company's silver jubilee year. Infosys was the first Indian company to list on the Nasdaq in 1999, and subsequently it has sponsored three secondary ADR offerings since 2003. The company recently concluded its third sponsored secondary American depository share (ADS) issue, which helped the company increase its float on the Nasdaq. This offering helped Infosys to increase its overseas float to 19.5 per cent from 14 per cent. It converted 30 million local shares into ADS at a price of $53.50 per share. "The inclusion of Infosys into Nasdaq index helps us attract lot of Index-based funds, which in turn, would help us improve liquidity," said Mr Balakrishnan. Launched in January 1985, the Nasdaq-100 Index represents the largest non-financial domestic and international securities listed on The Nasdaq Stock Market based on market capitalisation. The index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Generally, the list of annual additions and deletions is announced in early December.
Related Stories: More Stories on : Stocks | Stock Exchanges | Software | Infosys Technologies Ltd
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