New York: Indian IT firm Cognizant Technologies Corporation started trading at the NASDAQ exchange here today.
The company’s Chief Executive Officer Francisco D’Souza pressed a button in the company’s techno complex in Chennai and a bell rang at NASDAQ to signal the beginning of trading.
A large audience of traders and officials present counted the last ten seconds and burst into cheers as the bell rang and floor trading began.
The company was included in the NASDAQ-100 in 2004 and joined Standard and Poor’s 500 in November 2006 to become the first global offshore IT services firm to achieve this distinction.
President of India-America Chamber of Commerce Rajiv Khanna, who co-hosted the event, said in honouring Cognizant, NASDAQ not only honours the great achievements of the company but it also recognises the hopes, dreams and aspirations of young Indian entrepreneurs.
“Some believe that India would be the third largest economy after the US and China by 2050. But we at the Chamber believe that long before that time, India will be second largest economy, second only to the United States,” Khanna said.
“Such progress is possible because of the inherent entrepreneurial skill of the Indian people and the great support of institutions like NASDAQ fueling such growth through access to key equity capital,” he added.
Cognizant, around 60% of whose business is outside India, is a global company whose annual revenue exceeded $1.4 billion last year. Its share value has gone up by 9600% since it was first registered on NASDAQ.
CEO D’Souza thanked the company’s 40,000 workers and praised the transparency and professionalism of NASDAQ which he said enhanced the confidence of the shareholders.