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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Indian Stocks to Watch

5. Sterlite Industries (SLT) is a global player in the metals and mining sector, with a diversified portfolio consisting of non-ferrous metals.

Hampered by regulatory restrictions at its Tuticorin and Orissa projects, the stock had been underperforming the broader market indices. However, any positive news from its proposed acquisition of the government's minority stakes in Bharat Aluminum and Hindustan Zinc would be a positive trigger.

The company generates about half its revenues from its copper business. The recent disturbances in Chile and the introduction of copper-related exchange traded funds buoyed copper prices, which is a positive for Sterlite

The company has a strong balance sheet with cash and cash equivalents of $6 billion. The company can use the cash for organic and inorganic opportunities.

On the operational front, production ramp up at its new smelters will augment volumes. Additionally, the strong performance of its power and zinc segments could improve its earnings profile. The stock is trading at 8 times its 2011 to 2012 earnings.

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