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7 India Stocks With Upside

NEW YORK ( TheStreet) --- Patni Computers (PTI), ICICI Bank (IBN), HDFC Bank (HDB - Get Report), iGate (IGTE), Dr. Reddy's Laboratories (RDY - Get Report), Sterlite Industries (SLT) and Infosys Technologies (INFY - Get Report) are stocks from India with 14% to 49% upside potential, based on analysts' average 12-month price targets. These stocks have a buy rating of 57%, as polled by Bloomberg.

7. Infosys Technologies (INFY - Get Report) is a global technology services company offering products and end-to-end business solutions.

Revenue grew 1.1% quarter-over-quarter to $1,602 million in the March quarter, led by pricing increase of 2.5% and volume decline of 1.4%. Operating margin stood at 29%, narrowing 120 bps quarter-over-quarter. The company observed strong gross additions in terms of head count but utilization declined. Client additions stood at 34 during the March quarter.

Infosys' BFSI segment reported a flat quarter, while the telecom vertical was a laggard. The proportion of U.S. sales to total sales declined to 63.7% from 66.1% a year ago. However, India's sales outperformed to 2.7%, vs. 1.4% in the 2010 March quarter. Higher other income supported net income, which grew 2.1% sequentially.

Infosys plans to hire 45,000 employees in fiscal 2012, with 26,000 on-campus recruitment. The growth outlook remains robust and management guided an 18% to 20% year-over-year revenue growth. The stock is estimated to deliver an upside of 14% in the next one year.

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HDB $63.51 1.24%
INFY $18.40 -0.22%
IGTE $48.00 0.65%
N $76.74 -0.54%
RDY $43.18 -0.48%


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