Ten Indian companies led by the likes of state-run Bharat Heavy Electricals, telecom major Bharti Airtel and Mukesh Ambani-led Reliance Industries have made their way into the Forbes' list of 50 best listed companies in the Asia-Pacific region.
The 'Asian Fabulous 50' ranking is topped by Taiwan-based computer maker Acer, while BHEL and Bharti Airtel are the top ranked Indian companies at the overall fifth and sixth spots.
Acer is followed by Chinese steel maker Angang Steel, Taiwan's Asustek Computer and Indonesia's Bank Rakyat Indonesia at the second, third and fourth spots, respectively.
Among Indian firms, BHEL and Bharti Airtel are followed by private sector lender HDFC Bank (22), IT bellwether Infosys (25), diversified conglomerate ITC (27), engineering and infrastructure firm Larsen & Toubro (30), auto maker Mahindra & Mahindra (34), Reliance Industries (39), world's sixth largest steel maker Tata Steel (44) and software exporter Wipro (46).
Among countries, China has the maximum representation with 13 firms, while India comes second with its 10 companies.
"Indian companies once again had a strong showing, with 10 making our cut. Infosys and Wipro, perennial top performers, are back for the fourth year. Reliance Industries, Bharat Heavy and Larsen & Toubro are back for the third year.”
"Consumer-oriented companies such as Bharti Airtel, HDFC Bank, Mahindra & Mahindra and ITC are growing with India's middle class," the magazine said in an accompanying report.
The list is based on long-term profitability, sales and earnings growth, stock price appreciation and projected earnings for every company in the region with revenues or market capitalisation of at least five billion dollars