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TCS to enter MSCI global index

Our Bureau

Mumbai , Nov. 17

TATA Consultancy Services is among the nine new securities that have been added to the Morgan Stanley Capital International (MSCI) Standard Index series, effective November 30.

Google Class A (US), Anglo American (UK), Qantas Airways (Australia), Fischer Scientific International (US), Hutchision Telecommunications (Hong Kong) and Cintra Concessiones (Spain) are some of the other new additions to the index, according to a news release from TCS.

MSCI has included nine new securities and deleted one with a view to bringing representation of their respective industry groups in their countries closer to MSCI's national targets of 85 per cent of the free float-adjusted market capitalisation, said the news release.

For TCS this is another feather in the cap as TCS Ltd entered the capital market in July-August, 2004 and got its shares listed later in August, said the release.

TCS had raised Rs 5,420 crore in its initial public offerings.

"It is quite significant that within a few months of its listing on the National Stock Exchange and the Stock Exchange, Mumbai, TCS finds its way into a much respected index composition," said the news release.

MSCI provides global equity indices, which have become widely used international equity benchmarks by institutional investors. MSCI constructs global equity benchmark indices that contribute to the investment process by serving as relevant and accurate performance benchmarks and effective research tools, and as the basis for various investment vehicles.

As such, the MSCI Equity Indices are designed to fulfil the investment needs of a wide variety of global institutional market participants, said the release. In constructing these indices, MSCI consistently applies its index construction and maintenance methodology across 23 developed and 27 emerging markets, said the release.

Close to 2,000 organisations worldwide currently use the MSCI international equity benchmarks. MSCI estimates that over $3 trillion are currently benchmarked to these indices on a worldwide basis.

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