Standard & Poor’s, the world’s leading index provider, today announced the launch of S&P India Select Index to provide global investors with tradable exposure to the largest and most liquid companies in India.
The S&P India Select Index comprises 60 leading Indian companies that meet size, liquidity and tradability requirements, with no single stock representing a weight of more than 10% in the index. The index is fully float adjusted and stock weights are determined by what is legally and practically available to foreign investors.
R. Ravimohan, Managing Director and Head of Standard & Poor’s South and Southeast Asia said: “The new S&P India Select Index was developed in response to growing investor demand for access to the leading companies in India. The index has a pool of easily accessible underlying stocks that provides a unique way for international investors to take part in India’s growth story.”
Sectors represented in the S&P India Select Index include telecommunications, consumer staples, utilities, financials, energy, materials, industrials, information technology and health care. The top ten holdings by percentage of index weight are Infosys Technologies, Bharti Airtel, Oil and Natural Gas Corporation, Reliance
Communications, Housing Development Finance, Reliance Industries, ICICI Bank and Hindustan Lever.
To be eligible for inclusion in the S&P India Select Index, companies must have a float-adjusted market capitalisation above $500 million and a three-month average daily trading value above $2 million.