TCS, HCL In Forbes 50 Best Cos in Asia-Pacific
Tata Consultancy Services (TCS), HCL Technologies and HDFC Bank are among the 50 best public companies in Asia-Pacific according to a compilation by Forbes. The list also ranked India second behind China as the seat to the “world’s next growth engines”.
The Forbes 2014 ‘honour roll of the Fabulous 50′, lists best of Asia-Pacific’s biggest publicly traded companies, where China has 16 companies on the list, more than any other country, a distinction it has been enjoying for the last three years. However, the report suggests that the number of Chinese companies on the list has gone down from 20 last year on the back of slow economic growth in the country.
India follows China with 12 companies on the list, the same number as last year. The Indian companies on the list are Asian Paints, Axis Bank, HCL Technologies,HDFC Bank, Lupin, Mahindra and Mahindra, Mothersome Sumi Systems, Sun Pharma, TCS, Tata Motors, Tech Mahindra and Titan.
Technology companies dominated this list with nine representatives. TCS makes it to the list for the seventh time while Tech Mahindra, the country’s fifth-largest IT player, debuts on the list after net profits soared 112 per cent to touch $500 million. Indian conglomerate ITC failed to make it to the list this year. According to the report, India’s largest IT company boasts a market cap of $71.25 billion, bigger than the country’s next three IT outfits combined. “Long dependent on the US market, (TCS) may soon generate more than half its revenue outside the US,” it said.
Tech firm HCL Technologies, which makes the list for the fifth time, and pharmaceutical company Sun Pharmaceutical Industries, which featured for the third consecutive time. Automobile manufacturer Mahindra & Mahindra (M&M) also made a come back to the list after a gap of two-year. HDFC Bank, India’s second-largest private sector bank, has made the list eight times, more than any other company since Forbes started the compilation in 2005.
South Korea has six companies on the list, followed by Hong Kong with three and two each from Japan, Australia, Malaysia, Singapore and Thailand. The list is chosen from a pool of 1,300 companies in the region that have at least $3 billion in market cap or annual revenue.
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