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Infy to ring Nasdaq bell on July 31

The event will also mark the Infosys' 25th anniversary celebrations in its sprawling 270-acre Mysore campus.

india Updated: Jul 27, 2006 13:18 IST

Indian IT major Infosys Technologies Ltd will have the honour of ringing the opening bell of the Nasdaq national market from its Mysore campus on July 31.

"Infosys will become the first company in the region to ring the market's remote opening bell for trading in the presence of Nasdaq President and CEO Bob Greifeld and Planning Commission Deputy Chairman Montek Singh Ahluwalia," Nasdaq Asia Pacific Managing Director Ghanshyam Das said in Bangalore.

As the first Indian company to be listed on Nasdaq in March 1999, Infosys became a trendsetter for a host of other Indian firms to tap the US capital market and attract global investors to bet their fortunes.

The upcoming event will also mark the country's second largest IT bellwether's 25th anniversary celebrations in its sprawling 270-acre Mysore campus that is home to the world's largest corporate leadership institute.

The opening bell ceremony will be witnessed worldwide when Infosys will recreate the marketsite experience remotely by clicking on the replica of the Nasdaq electronic sign-in screen that will be installed for the occasion.

"Signing the Nasdaq podium with signatures of CEOs and dignitaries is our long tradition and representative of the market's electronic trading model. The opening bell is a ceremonial event that represents the beginning of the trading day," said Das.

Infosys chairman and chief mentor NR Narayana Murthy, CEO and managing director Nandan M Nilekani and the company's top management team will be joining Greifeld and Ahluwalia to sign-in for commencing the trading day.

With the use of a highly secure, IP-network, the event will highlight how Nasdaq stock market can be remotely opened, bringing together millions of investors and market participants to celebrate the opening of the trading day.

The ceremony has been timed at 7 pm (IST) to coincide with the opening hour (9:30 am EST) of Nasdaq in New York.

The ceremony will also be broadcast live at the Nasdaq marketsite and on its seven-story tower from its premier broadcast studio in Times Square, New York.

"Over the last five-six years, Infosys has emerged as a flag-bearer among other big ticket technology firms. We believe the global software major has created a strong presence in the US for other Indian companies to follow," Das pointed out.

With a float of 38.4 million American Depository Shares (ADSs), the company's blue chip commands a market capitalisation of $3 billion on Nasdaq. As on March 31, 2006, a record 44,757 global investors, including institutional and retail, hold Infosys' ADSs.

Rediff.com, Satyam and Cognizant are the other Indian firms, which went on to list on the Nasdaq subsequently. Canbay International, Symtel and Covensys, promoted by Indians as US entities, are also listed on the world's largest electronic stock exchange.

Infosys' rival, Wipro, is however listed on the New York Stock Exchange (NYSE).