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Infosys Trades on NASDAQ from Mysore

Infosys chairman Narayan Murthy said Nasdaq has enabled Infosys to take a giant leap in the global market. Murthy rung the customary opening bell, which marks the beginning of the day's trading session, through an electronic sign-in screen installed at the company's Mysore campus. Infosys Technologies thus became the first company to ring the opening bell of the Nasdaq stock exchange from India. Bangalore-headquartered Infosys, which is celebrating its 25th anniversary, was the first Indian company to be listed on the Nasdaq in 1999.

"Twenty-five-years ago, we founded Infosys with a vision of the global delivery model. That vision has been validated as the tide of globalization has swept across the world and businesses are dramatically changing how they run their organizations," said Murthy.

He recalled that while listing Infosys on Nasdaq, he had said that the listing might be a small step for Nasdaq but a giant leap for Indian software industry and Infosys. "Opening the Nasdaq market from India is not only a great honour for Infosys, but also illustrative of the emerging new world."

Infosys' share price on the Nasdaq surged ahead more than three per cent within minutes after the trading session commenced, although the broader Nasdaq Composite Index was trading in the red in the early morning trade. Infosys revenue has grown 18-fold- from USD 121 million in 1999, when the company was listed on Nasdaq, to USD 2.1 billion in 2005-06. Profits have grown from USD 30 million to USD 555 million, he said.

Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, said it was a matter of pride and pleasure that an Indian company had been bestowed with such an honour. Infosys had set the high standards of corporate governance by competing in global market without protection. More Indian companies are gearing up to tap the US market in the coming months. Nasdaq expects two more Indian companies to come on board by the end of this year.


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