India misses Nasdaq bus

India misses Nasdaq bus

By SiliconIndia   |   Friday, 06 April 2007, 05:00 Hrs
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New Delhi: After missing the fab bus to China, India has once again lost out to China and this time in the arena of one of the world`s most respected stock exchange- Nasdaq. The stock exchange has decided to launch a dedicated index of Chinese companies listed in the U.S. Nasdaq stock market`s planned China index would initially comprise of 30 Chinese companies listed on any U.S exchange.The loss is being reasoned out due to smaller number of Indian companies listed on the U.S stock exchanges in comparison as as an index needs at least 30 companies.

Despite, the growing global appetite of India Inc to expand its overseas footprint with a number of cross-border acquisitions, joint ventures and setting up of foreign business units, the number of companies has remained somewhat stagnant over the past few months.This is inclusive of over 100 firms estimated to be mulling a listing either on the Nasdaq or NYSE.

Out of a total of around 120 Indian companies listed overseas, there are just seven Indian companies listed on Nasdaq with a market cap of around 32 billion dollars -- including -- Infosys, Sify and Rediff, while there are ten Indian firms listed on another US exchange, NYSE.

Nasdaq CEO Robert Greifeld was in China earlier this week to persuade more Chinese companies to list on Nasdaq.

Incidentally, Greifeld had also visited India last year as part of the exchange`s efforts to attract more Indian companies to list on Nasdaq.

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