NEW YORK ( TheStreet) -- Global markets have clocked substantial gains during the past one month with India's Nifty being an outperformer. The index gained 8.1%, while Brazil's Bovespa was up 0.6%. This compares to the 5% increase of the S&P 500 and 3.9% rise of the Dow Jones. On the contrary, the Shanghai Composite registered a decline of 2%.

The rally in Indian markets has been attributed to a lot of liquidity and Foreign Institutional Investor investment. Positive economic data from China and the U.S. and the recent announcement made with regards to Basel III norms have also fueled the rally.

As a result, some emerging market ADRs have generated handsome returns for investors during the past month. We present 10 such stocks from several countries that have gained anywhere between 10%-30% during this period.

10. Tim Participacoes SA ( TSU) uses the global system for mobile communication to provide mobile telecommunications services throughout Brazil. The stock has gained 10% during the last one month.

Developments: On Sept. 8, research firm Teleco reported that Tim is the fastest expanding 3G network company in Brazil. As of August 2010, the company had covered 155 cities with its 3G signal compared to 35 as of December 2009.

9. Gafisa SA ( GFA) is a diversified national homebuilder serving all demographic segments of the Brazilian market. The stock has gained 10.3% in the last one month.

8. Dr. Reddy's Laboratories ( RDY) is an integrated global pharmaceutical company based in India. The stock has gained 12% during the last one month.

Developments: On Sept. 13, Morgan Stanley upgraded the stock to overweight from equal weight citing the company's earnings potential in the coming years.

7. ICICI Bank ( IBN) is a banking company engaged in providing a range of banking and financial services, including commercial banking and treasury operations. The stock has gained 12.4% during the last month.

Developments: On Sept. 17, the bank reported that it paid advance tax of 6 billion rupees (around $131.3 million) during the second-quarter ending September 2010 compared to 5 billion rupees (around $109.4 million) a year ago. Investors believe management is looking at higher profits, in the absence of deferred taxes.

6. LDK Solar ( LDK) is a producer of solar wafers and manufacturer of solar modules. The company sells multicrystalline and monocrystalline wafers to manufacturers of solar cells and modules. The stock has gained 14.4% during the last one month.

Developments: Early September, the company launched its new solar cell manufacturing line in Xinyu City foraying into vertical manufacturing. It has an annualized capacity of 60 megawatts and is expected to reach 120 MW by the end of third-quarter 2010. The main motto of the facility is to produce almost 50% of the company's module manufacturing needs, which will reduce the modules cost and lead to stability in cell supply.

Additionally, on Monday the company signed a memorandum of understanding with National Renewable Energy Laboratory for collaborative research and development activities related to silicon materials and photovoltaic devices.

5. Trina Solar ( TSL) is an integrated solar-power products manufacturer based in China with a global distribution network covering Europe, North America and Asia. The stock has gained 17% during the last one month. It is currently trading at a forward PE of 10.8.

Developments: On Aug. 24, the company reported second-quarter earnings of 52 cents per share, surpassing analysts' estimates of 49 cents per share. The company also boosted its shipment outlook for 2010 to 900-930 MW from 750-800 MW.

4. Wonder Auto Technology ( WATG) is a manufacturer of automotive electric parts, suspension products and engine components in the People's Republic of China. The stock has gained 16.5% during the last month and is currently trading at an attractive PE of 8.9.

Developments: On Sept. 7, the company announced the completion of the acquisition of Jinheng (BVI) Ltd. for HK$1.13 billion (around $145.5 million). The company also expects its 2010 revenue to be $300 million or more, higher than the consensus estimate of $267.5 million. On Sept. 13, Roth Capital Partners reassigned a buy rating to the stock with a price target of $14, implying 54% upside over current levels.

3. Focus Media Holding ( FMCN) is a multi-platform digital media company in China. The networks operated by the company include liquid crystal display, or LCD, Internet advertising services and billboard among others. The stock has gained 21% during the past month.

Developments: On Aug. 23, the company reported second-quarter earnings of 17 cents per share as against a loss of 18 cents per share reported in the year-ago quarter. According to Nielsen Research, the Chinese ad market grew 15% year-on-year during the first half of 2010. On Sept. 14, Macquarie reassigned an outperform rating to the stock with a price target of $25, implying a 14% upside over current levels.

2. JA Solar Holdings ( JASO) is a manufacturer of high-performance solar cells, both monocrystalline and multicrystalline in People's Republic of China. The stock has gained 29% during the last one month. The stock is trading at an attractive forward PE of 7.

Developments: Last week, the company announced that it has booked more than 500 MW worth of cell shipment for 2011. Currently, the company has an annual capacity of 1.4 GW and it claims that it is the largest cell company in the world. On Sept. 10, the company signed a loan agreement with China Development Bank for approximately $4.4 billion.

1. Spreadtrum Communications ( SPRD) is a fabless semiconductor company that designs, develops and markets baseband processor, radio frequency transceivers and turnkey solutions for the wireless communications and mobile television market in China. The stock has gained 33% during the last one month and is currently trading at a PE of 10.3.

Developments: During the last one month, average volume has increased 85% to 1.06 million shares compared to the 52-week average of 569,957 shares.
Karvy Global Services (www.karvyglobal.com), a subsidiary of the Karvy group (www.karvy.com), provides specialized research in asset classes including stocks, mutual funds and insurance to leading Wall Street firms.

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