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Others Rupert Murdoch announces Dow Jones India Titans 30 Index

Rupert Murdoch announces Dow Jones India Titans 30 Index

Author | exchange4media News Service | Tuesday, Aug 05,2008 8:38 AM

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Rupert Murdoch announces Dow Jones India Titans 30 Index

Rupert Murdoch, Chairman and CEO, News Corporation announced the launch of the Dow Jones India Titans 30 in Mumbai on August 4. With this, Dow Jones Indexes, a leading global index provider, is expanding its Dow Jones Global Titans family by adding a blue-chip index for India. Dow Jones Indexes is a business unit of Dow Jones & Company, a News Corporation company.

Making the announcement, Murdoch said that the Dow Jones India Titans, a 30-stock index tracking the stock-market performance of prominent Indian companies, would be licensed to financial institutions as the basis of investment products, such as exchange-traded funds.

He added, “The growing importance of India to the world and to Dow Jones and News Corporation is obvious to all. What the world needs is a trusted means of measuring this country’s development and an index that can be used by investors around the world to track the progress of Indian companies and the Indian economy. We will see huge capital flows both from and to India in coming years and that is an opportunity for us as a financial information company, as well as for international investors who want to take advantage of this profound trend.”

The Dow Jones India Titans 30 Index measures the performance of the 30 largest and most liquid stocks listed on the Bombay Stock Exchange and the National Stock Exchange. The final composition of the index is based on ranking by free-float market capitalisation and 12-month average daily trading volume.

The top five companies in the index by free float market capitalisation are: Reliance Industries Ltd (Basic Materials), Infosys Technologies Ltd (Technology), HDFC Ltd (Financials), Bharti Airtel Ltd (Telecommunications), and Larsen & Toubro Ltd (Industrials). The three biggest sectors represented in the index are financials, basic materials, and oil and gas.

Meanwhile, Dow Jones Indexes has also unveiled plans to launch The Global Dow, an index whose components would be selected by the editors of The Wall Street Journal.

Murdoch said, “Indian companies will obviously have a place in The Global Dow as will companies from other emerging countries where we have seen an unprecedented economic emancipation over the past two decades.”

The Global Dow will track the share prices of existing and future global leaders in every industry. Vigorous companies from emerging economies will be included along with companies from emerging sectors such as alternative energy.

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