Cognizant Technology Solutions Corporation today said it has been identified to be the best performing IT stock in the US for 2002 by Forbes.
Forbes in their annual listing of the 'Best and the Worst Stocks of 2002,' has ranked Cognizant as the third best performing stock overall, and the best among IT companies on US stock exchanges.
Cognizant was the first software services company listed on Nasdaq that leveraged the offshore development centers in India.
On January 2, 2003, the date identified to assess the best and the worst performing stock by Forbes, Cognizant's share price ended at $72.23, registering an 88 percent growth during the year.
Cognizant's revenue growth has been the best in the offshore industry, registering a 80 plus percent CAGR since inception.
Cognizant also happens to be the only software company in India to revise its revenue guidance upward thrice in 2002, from $200 million to $218 million to $226 million to $229 million, thereby making Cognizant the first multinational software services company to cross the Rs 1 billion mark in India.
On the recruiting front, Cognizant was extremely active in 2002, adding more than 2,200 professionals, which is more than 60 percent of its global headcount (growing from 3,900 professionals in 2001 to over 6,100 professionals in 2002).
Cognizant has been attributing its performance to its unique '4th Generation Offshore Outsourcing' model where the customer partnership is managed by the entire executive management in the US and its delivery management out of its 11 development centers in India across Chennai, Kolkata, Bangalore, Pune and Hyderabad.
Apart from Forbes, in 2002, Cognizant has been ranked #30 among the top 50 stocks by Investor's Business Daily and at #23 among the Top 100 stocks by total return for 2002 by Bloomberg Personal Finance.
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