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5 Indian firms among Forbes' most innovative companies
Five Indian companies are among Forbes' list of the world's 100 most innovative companies that investors think are most likely to "generate big, new growth ideas".
The annual 'World's Most Innovative Companies' list, released on Wednesday, has been topped by California-based global cloud computing company Salesforce for the fourth year in a row.
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5 Indian firms among Forbes' most innovative companies
Hindustan Unilever tops among Indian companies with an innovation premium of 54.7 per cent. It was ranked 14th in the global list of companies.
Forbes said the innovation premium is a measure of how much investors have bid up the stock price of a company above the value of its existing business based on expectations of future innovative results like new products, services and markets.
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5 Indian firms among Forbes' most innovative companies
The innovation premium of TCS (ranked 57) was 39.58 per cent and the Mumbai-based company had a market cap of $71.25 billion as of May 2014.
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5 Indian firms among Forbes' most innovative companies
Larsen and Toubro ( ranked 58) had an innovation premium of 39.4 per cent and had a market cap of $19.81 billion.
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5 Indian firms among Forbes' most innovative companies
Sun Pharma (ranked 65) had an innovation premium of 38.34 per cent and a market cap of $19.88 billion.
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5 Indian firms among Forbes' most innovative companies
Bajaj Auto (ranked 96) recorded an innovation premium of 31.73 per cent and a market cap of $10 billion.
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5 Indian firms among Forbes' most innovative companies
Salesforce, with a market cap of $35.87 billion, had an innovation premium of 75.9 per cent and continued its reign as Forbes' most innovative company for the fourth straight year.
"A key to Salesforce's success has been its ability to move into bigger companies, selling to enterprise-class large customers who require more modifications and attention than a small or medium business," Forbes said.
The other companies making up the top five on the list are Connecticut-based biotech firm Alexion Pharmaceuticals (2), British semi-conductor company ARM Holdings (3), fast moving consumer goods company Unilever Indonesia (4) and New York-based biopharmaceutical company Regeneron Pharmaceuticals (5).
The US was home to a majority of the companies on the list with 41 firms headquartered in the country, followed by Europe with 29 companies.