Playing the Passage to India

Losing high-tech jobs to Asia may make American blood boil. But if you're an adventurous investor, the leading Indian outsourcing companies are worth a look.

Consider Wipro(WIT Quote), a one-time producer of cooking oil that now sports a market cap of $11.7 billion, and, according to published reports, counts among its roster of clients high-tech giants including Microsoft(MSFT Quote), Sony(SNE Quote) and Nokia(NOK Quote)

In its most recent quarter, the Bangalore-based company earned $58 million on sales of $343 million, representing yearly increases of 22% and 44%, respectively. When its fiscal year ends in March, Wall Street expects Wipro to report sales of $1.2 billion, an increase of 46%. Investors have noticed: Over the last year, the company's stock has appreciated by 59%, nearly doubling the performance of the S&P 500. ...