ibnlive » Business

Dec 12, 2006 at 04:07pm IST

Infosys makes it to Nasdaq’s elite list

New Delhi: Tech Bellwether Infosys will be on the Nasdaq-100 index from December 18. MD and CEO Nandan Nilekani says that the inclusion into the elite club is a proud moment.

India's second-largest software company, Infosys Technologies Ltd says that its planned inclusion on the Nasdaq-100 will help it to become a mainstream stock in the United States.

Reaching NASDAQ’s elite group will help raise the company's image overseas since large global index funds could be interested in investing in Infosys.

INFY MEANS BIG! Tech Bellwether Infosys will be on the Nasdaq's elitest group of companies soon.

The company will be added to the US stock exchange's elite grouping when the market opens on December 18. This makes Infosys the first Indian company to book a place in the reputed Nasdaq-100 Index.

The Nasdaq-100 Index comprises of the 100 largest non-financial stocks on the Nasdaq stock market and dates to January 1985 when it was launched along with the Nasdaq Financial-100 Index, which is comprised of 100 largest financial stocks on the Nasdaq.

Infosys became a likely entrant after it sold 30 million American Depositary Receipts (ADRs) for $1.6 billion last month—something that increased its market value.

Last year, there were 12 additions to the index. Google Inc, owner of the most-used Internet search engine, joined the gauge three months before it was added to the Standard & Poor’s 500 Index.