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In response to growing interest among investors in publicly traded securities with operations in India, the Halter USX India Index (Ticker Symbol AMEX: HXI) was launched today as the only index in the world devoted exclusively to India-focused public companies traded on U.S. stock exchanges. The index was developed by the Halter Financial Group in collaboration with the American Stock Exchange (AMEX).The AMEX will calculate and disseminate the value of the Index through the Network of the Consolidated Tape Association. The Halter USX India Index is published under the new symbol 'HXI', and with certain data vendors '^HXI'. In addition, the parties will cooperate on the trading and development of an exchange traded fund (ETF) and the trading and marketing of options and exchange-listed structured derivative securities based on the Index.
'We are delighted to continue our partnership with the AMEX after our joint success on our Halter USX China Index (AMEX:HXC) product and the Powershares Golden Dragon Halter USX China ETF (AMEX: PGJ) that was launched based on that Index , commented Tim Halter, Chairman and CEO of the Halter Financial Group. India is one of the worlds fastest growing economies, is the 4th largest economy in size, with a workforce of over 472 million and a domestic consumer base that represents about 15% of the world's total population. We believe that India offers one of the best investment opportunities of the 21st century, and we look forward to creating valuable investment products based on our index and enhancing the Halter brand'.
The India growth story is reflected in the results of the Halter USX India Index for the past 52 weeks. For this period, HXI was up 30.7% compared to Nasdaq and the Dow Jones Industrial Average, which were up only 13.4% and 4.8% respectively for the same period.
'The stocks in the Halter USX India Index offer investors the opportunity to invest in India with the safety of the U.S.-regulated securities markets,' Halter explained. 'All of the companies in the index are public reporting companies that have their stocks traded on U.S. national exchanges which are governed by the U.S. Securities and Exchange Commission.'
Initially, 17 public companies will be represented in the Halter USX India Index. To be included in HXI, companies must meet the following criteria:
-Their primary business is conducted in India -Their common stock is traded on U.S. national exchanges -Each company's market capitalization is more than $50 million -The company is approved by The Halter USX India Index selection committee which considers additional factors such as trading volume, public interest and shares available to the investing public
The Halter USX India Index is calculated using a modified market capitalization weighting methodology. Changes to the index composition and/or the component share weights typically take effect after the close of trading on the next to last business day of each calendar quarter.
The following 17 public companies comprise the inaugural Halter USX India Index:
Cognizant Technology Solutions (NASDAQ: CTSH)
Covansys Corp (NASDAQ:CVNS)
DR Reddy's Lab (NYSE:RDY)
HDFC Bank (NYSE: HDB)
ICICI Bank (NYSE:IBN)
Igate Corp. (NASDAQ:IGTE)
Infosys (NASDAQ:INFY)
Kanbay International (NASDAQ:KBAY)
Lionbridge Technologies, Inc. (NASDAQ:LIOX)
Mahanagar Telephone Nigam (NYSE:MTE)
Rediff.com India Limited (NASDAQ:REDF)
Satyam Computer Services Ltd. (NYSE:SAY)
Satyam Infoway (NASDAQ:SIFY)
Syntel Inc (NASDAQ:SYNT)
Tata Motors Ltd (NYSE:TTM)
Videsh Sanchar Nigam Ltd (NYSE:VSL)
WIPRO LTD (NYSE:WIT)
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