Dec 12, 2006

Infy now aims for slot in global top 4

A week before its inclusion in the elite Nasdaq-100 index, home grown tech major Infosys Technologies provided an inkling into the scale of its ambitions by outlining its goal to be among global top four technology firms, a slot now occupied by Microsoft, Google, Oracle and SAP.
Without specifying a deadline for the target, CEO and MD Nandan Nilekani said it was part of the long-term aspiration of the company. Infosys is growing its revenues at about 40% annually while its global legacy peers are showing single-digit growth rates.

Tata Consultancy Services, its closest rival and number one software services firm out of India, has set a target of being among the global 10 companies by 2010 with revenues of $10 billion.

With its inclusion in the Nasdaq-100, Infosys will become a mainstream stock, be a part of global index funds and be covered more extensively by the analyst community, CFO V Balakrishnan said. Its recently completed ADS offering for $1.6 billion improved its stock float to 20% facilitating its inclusion in the Nasdaq-100. It is the second Asian firm to be included in the index and the ninth non-US firm.

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