News Corp’s Rupert Murdoch announces index for India


    Mumbai: Dow Jones Indexes, a leading global index provider, is expanding its Dow Jones Global Titans family by adding a blue-chip index for India. The launch of the Dow Jones India Titans 30 was announced by News Corporation chairman and chief executive Rupert Murdoch in Mumbai, India. Dow Jones Indexes is a business unit of Dow Jones & Company, a News Corporation company.

    Murdoch said, "I am excited to announce the launch of a new blue-chip index for India. We are unveiling the Dow Jones India Titans — a 30-stock index tracking the stock-market performance of prominent Indian companies. It will be licensed to financial institutions as the basis of investment products, such as exchange-traded funds."

    Murdoch added, "The growing importance of India to the world and to Dow Jones and News Corporation is obvious to all. We will see huge capital flows both from and to India in coming years and that is an opportunity for us as a financial information company, as well as for international investors who want to take advantage of this profound trend."

    The Dow Jones India Titans 30 Index measures the performance of the 30 largest and liquid stocks listed on the Bombay Stock Exchange and the National Stock Exchange of India. The final composition of the index is based on ranking by free-float market capitalization and 12-month average daily trading volume.

    The top five companies in the index by free float market capitalization are Reliance Industries (Basic Materials), Infosys Technologies (Technology), HDFC (Financials), Bharti Airtel (Telecommunications), and Larsen & Toubro (Industrials). The three biggest sectors represented in the index are Financials, Basic Materials, and Oil & Gas.

    The Dow Jones India Titans 30 Index is free-float market capitalization weighted with individual components capped at 10%. The index is calculated in U.S. dollar and Indian rupee and reviewed annually in March.