Software major Infosys Technologies has become the first Indian company to be included in the Nasdaq-100 Index after the annual re-ranking of the index. Effective December 18, 2006, Infosys would be included in the Nasdaq-100 index, a Nasdaq statement said.
Infosys was among the three stocks added to the Nasdaq-100 as the US-based stock market announced the annual re-ranking of the index.
The following three stocks will be added to the NASDAQ-100 Index: Level 3 Communications Inc. (LVLT), Infosys Technologies Ltd. (INFY), and Vertex Pharmaceuticals Inc. (VRTX), Nasdaq said in the release.
"The Nasdaq-100 Index is one of the world's most recognised benchmarks that owes this distinction to its components - companies that are leaders in a diverse range of industries," executive vice-president of Nasdaq John L. Jacobs said in the statement.
"We are delighted to hear about the inclusion of Infosys in the Nasdaq-100 Index, especially so when we are celebrating our silver jubilee year. 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 V Balakrishnan, CFO of Infosys.
Launched in January 1985, the Nasdaq-100 Index is composed of the 100 largest non-financial stocks listed on the exchange. Nasdaq indexes were originally designed to segment the bourse into two major industry groups to support media coverage and to act as benchmarks for licensed financial products such as options, futures, and funds.
The NASDAQ-100 is re-ranked each year in December, timed to coincide with the quadruple witch expiration Friday of the quarter .