The 2006 S&P Global Challengers list, published by the global equity research major, includes 300 mid-size listed companies covering 10 sectors across 32 countries.

Among Indian challengers, UTI Bank, Punjab National Bank and Oriental Bank of Commerce are in the banking sector; Bharat Forge is an auto components maker; Siemens India is in the capital goods sector; Nicholas Piramal is a pharmaceutical manufacturer and Chennai Petroleum is in the energy sector.

Bharat Forge is ranked 20th among its Asia-Pacific peers in terms of composite growth scores, while Siemens is at 34th, Chennai Petroleum at 47th and Nicholas Piramal at 113rd position.

The three banking companies, UTI Bank, PNB and OBC have been ranked at 74th, 96th and 124th positions respectively.

These companies, S&P said, have shown the highest growth characteristics, both intrinsic and extrinsic and are slated to emerge as the biggest challengers to the world's leading corporates.

The study was based on various factors like share price appreciation, sales growth, earnings growth and employee growth.