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Investing

ETF Launch: PowerShares India Portfolio (PIN, INFY, IBN, SAY, SLT, TTM, WIT)

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By Douglas A. McIntyre Updated Published
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We have now seen two Indian stock ETF’s successfully launch in the last few weeks.  This morning there was another ETF launch on NYSE, although you can see the February news release with the full details.  The PowerShares India Portfolio Fund Exchange Traded Fund listed under the ticker symbol "PIN" and began trading on NYSE Arca today.  This ETF is based on the Indus India Index and tracks the performance of the Indian equity markets as a whole with representation across the consumer products, information technology, health sciences, financial services, and heavy industry sectors.

According to the press release at NYSE, the following NYSE listed ADR shares are a part of the index currently included in the Indus India Index:

  • Infosys Technologies Ltd. (NASDAQ: INFY), ICICI Bank (NYSE: IBN) Satyam Computer Services (NYSE: SAY), Sterlite Industries (NYSE: SLT), Tata Motors (NYSE: TTM), Wipro Ltd. (NYSE: WIT)

As a reminder, because of percentage foreign ownership limitation rules and because of ADR conversions, many US-traded ADR’s actually trade at premiums to shares traded locally in India.  WisdomTree also recently launched an ETF that tracks Indians stocks at the local exchange level.

Jon C. Ogg
March 5, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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