A 20-stock IT index has been launched in India as technology investing gains ground in the region.
The system is run by India Index Services & Products, a joint venture between the National Stock Exchange and Crisil, India's main credit rating agency. Standard & Poor's - the global rating agency - has approved and licensed the first IT specific index in the subcontinent.
Christened the CNX IT Index, it includes stocks like Aptech, CMC, Digital Equipment India, HCL Infosystems, Infosys Technologies, Tata Infotech and Wipro.
The constituent stocks have been considered based on whether they have more than 50 per cent of their turnover from infotech related activities like software development, hardware manufacture, support or maintenance.
The index fund business is still nascent in India but is expected to grow rapidly, especially in the booming IT sector.
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