New Delhi, Oct. 30 -- Cognizant Technology Solutions Corp. earns more revenue than Infosys Ltd, yet the Nasdaq-listed information technology services firm is valued at barely half its peer, which is listed in India as well as the US.

While Infosys, India's second-largest IT outsourcer, has a market capitalization of $70.5 billion, Cognizant is valued at $35.01 billion-even though both closed their last fiscal year with comparable revenues of $19.74 billion and $19.28 billion, respectively. Cognizant follows a January-December fiscal year.

It is this arbitrage that the Teaneck, New Jersey-based company appears to be targeting as it weighs an India listing, announced on Wednesday during the September-quarter results.

"Exactly the same th...