Rupert Murdoch Announces Index for India
Dow Jones Indexes is expanding its Global Titans family by adding a blue-chip index for India. The launch of the Dow Jones India Titans 30 was announced by Rupert Murdoch, chairman and chief executive of News Corporation in Mumbai, India. 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.” The Dow Jones India Titans 30 Index measures the performance of the 30 largest and most 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 capitalisation and 12-month average daily trading volume. The three biggest sectors represented in the index are financials, basic materials, and oil and gas. The Dow Jones India Titans 30 Index is free-float market capitalisation weighted with individual components capped at 10%. The index is calculated in US dollar and Indian rupee and reviewed annually in March. As of 31 July 2008, the Dow Jones India Titans 30 (US$) has gained 62.03% back tested from its base date, 31 December 2005. Daily index history is available back to this date.