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Infosys rings Nasdaq bell
[August 03, 2006]

Infosys rings Nasdaq bell

(Times of India, The (KRT) Via Thomson Dialog NewsEdge) Aug. 1--MYSORE: If you still don't believe that the world is flat, then consider this: Infosys Technologies rang the Nasdaq opening bell remotely from Mysore. At 7 pm, Infosys chairman and chief mentor N R Narayana Murthy pressed a button to mark the opening of Monday's trading session at Nasdaq's MarketSite Tower in Times Square, New York.

The honour was bestowed upon Infosys on the occasion of its 25th anniversary celebrations. Infosys is the first Indian company to remotely ring the Nasdaq opening bell from India. While the remote opening of this nature has happened twice earlier -- from Davos and London -- this is the first time that a single company is doing this outside the US.

The opening bell is a ceremonial event that represents the essence of Nasdaq's virtual market model. Since Nasdaq's operations are entirely electronic, it can be opened from any location around the world, symbolically bringing together investors and market participants at the beginning of each trading day.

Incidentally, Nasdaq too created a record of sorts. Robert Greifeld, president and CEO of the Nasdaq Stock Market, said, "With over 3,000 people present here, this is a world record stock market opening." Describing the rise of Infosys, Greifeld said, "Infosys was the first Indian company to get listed on the Nasdaq in 1999. Back then, it cost $34 for 100 Infosys shares. Today, it would cost you $50,000."

Murthy recollected the day when he brainstormed on his dream -- Infosys -- sitting for four hours in an apartment in Mumbai in 1981. "Our vision of the global delivery model has been validated as the tide of globalisation has swept across the world and businesses are dramatically changing how they run their organisations," he said.

The nearly 3,000 Infoscians, who witnessed the event live at the venue, continuously cheered their founders. When live pictures of the Infy founders appeared on the seven-storey tall Nasdaq building at the Times Square, New York, the cheer only grew louder.

The opening bell was followed by Murthy and Infosys MD Nandan Nilekani going for an electronic signature, which too appeared at the Times Square.

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