In its latest biannual compilation of the stocks that meet the legendary investor’s portfolio, Standard and Poor’s has included three of the biggest names in the Indian IT space in the latest model portfolio. The American Depositary Receipts of these three IT behemoths have been named alongside global giants Microsoft, Oracle, Ericsson, Cisco Systems, Diageo, China Mobile and SAP.

Standard & Poor’s has been updating its S&P Promising Growth Portfoio twice a year — in February and August — since 1995 and it includes stocks reflecting the criteria that Buffett has emphasised in the past, although “these are not necessarily stocks that Buffett has bought or ever personally plans to buy.”

The latest list consists of 55 stocks across sectors like healthcare, consumer products and technology and marks a growing number of European and Asian names, S&P said. In the previous list published in February, there were a total of 56 stocks and included Infosys and Satyam Computers. Wipro has become the third Indian company to make it to the portfolio in its latest edition.

While a number of globally renowned investors like George Soros have invested in Indian companies, none of the domestic firms have yet made to the portfolio of Berkshire Hathaway, the holding firm through which Buffett makes his investments.

Market observers believe high volatility and expensive valuations have kept Indian stocks away from Buffett’s radar. The portfolio of Buffett, the world’s third richest person with a net worth of more than $52 billion, consisted of 44 stocks across the world as of March 31, 2007. These included soft drink maker Coca-Cola, Johnson and Johnson and Procter and Gamble, Wal-Mart, Nike, ConocoPhillips and financial services provider American Express.