A new index has been launched by the Standard & Poors on Wednesday and the index is named as the S&P India 10. The officials from S&P has stated that the new index has been designed for providing the investors with tradable exposure to the Indian equity markets. The officials added that the new S&P India 10 index is comprising ten of the largest and most liquid Indian companies that are traded on the developed market exchanges. They said that the stocks must have a float-adjusted market capitalization above $500 million at each annual rebalancing, to be eligible for inclusion in the index.
The top officials from S&P have added that the stocks also needed to have a six-month average daily trading value above $1 million for the same. They said that the major companies like Infosys Technologies, ICICI Bank, HDFC Bank, Tata Motors and Reliance Industries are included among the companies included in the index. While commenting on the issue, the Vice-President, Portfolio Services for Standard & Poors, Mr. Steven Goldin said, "India is ranked among the fastest-growing emerging market economies in recent years but foreign ownership restrictions on local shares have made it difficult for international investors to gain exposure to Indias burgeoning equity markets. The S&P India 10 index is designed to address this accessibility challenge".
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| Posted : 3/28/2008 |
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