Two US-listed Indian outsourcing firms -- Cognizant Technology and EXLService -- have made it to a list of the world's 100 'hot growth' companies with significant growth potential.

The two Indian firms are among 10 software and services firms that have appeared in the list of companies from around the world. Cognizant, which is headquartered in the US and having most of its operations and 75 per cent of workforce in India, has been ranked at 15th position, while EXLService is at 57th rank.

The annual list, published in the latest issue of BusinessWeek hitting the news stands on Monday, is led by Heelys Inc, a maker of wheeled sneakers used by kids for skating.

The magazine used Standard and Poor's database of 10,000 public companies with revenues of $50 million to $1.5 billion a year and the rankings are based on three year sales and earnings growth as well as return on capital.

Only those companies with a market cap of $25 million or more and a stock price of at least $5 were considered, the magazine said, adding that 'profit or stock price shortfalls, or news that put prospects in doubt, may knock a company off the list.'

According to the US-based magazine, Cognizant that is the fifth-largest Indian infotech outsourcing firm has consistently racked up better growth rates than its larger rivals with more than 43,000 employees. In the first quarter this year, the company's turnover rose by 61 per cent to $460 million.

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