NEW YORK ( TheStreet) -- Global markets clocked substantial gains during the last one month with the Shanghai Composite outperforming other indices gaining 15.1%, while the Bovespa was up 4%. This compares to a 3.4% increase in the S&P 500 and a 3.2% rise in the Dow Jones. India's Nifty was up 1.5%.

The following emerging market ADRs will likely provide handsome gains to investors on the continuing positive momentum in emerging markets. These 10 stocks have an upside ranging between 19% to more than 100%, according analysts' estimates.

10. India's iGATE ( IGTE), a provider of information technology and offshore outsourcing services, has an upside of 19% with 86% of median analysts recommending a buy on the stock.

Beating analysts' expectations, iGATE reported a 61% increase in third-quarter results with revenue soaring 53%. Recently, the company has announced it will sell 10 million shares and $100 million of debt for acquisition purposes. As investors worry about the significant risk associated with a planned acquisition, Roth Capital Partners advises to ignore the debt offering, as the company has a proven track record of pursuing such acquisitions.

Looking at the fourth quarter guidance, iGATE estimates a 7% to 8% sequential revenue growth on a revenue ranging between $80.1 and $80.8 million, higher than Reuters estimate of $71.9 million.

The stock is trading at a P/E of 21.4. In comparison Infosys Technologies ( INFY), Wipro Technologies' ( WIT) are trading P/E multiples of 24.8, and 36.2, respectively.

9. Brazil's Vale ( VALE), a mining stock selling at deep discounts, has an upside of 20% from current levels. The company reported impressive second-quarter results as it switched from an annual pricing system to quarterly, rendering spot iron ore prices less volatile, and benefiting the company significantly.

Recently, the company announced it will spend $26 billion on more than a dozen projects over the next two years. Currently, Asia accounts for 52% of total revenues and it is likely to zoom to 80% in the next few years. By end of October, the company will announce additional multibillion dollar investments for completion after 2012.

Iron ore demand, which directly links with steel, is poised to benefit as global steel demand is expected to climb 10.7% in 2010, with China's steel consumption estimated to increase 6.7%. Vale has plans to list its shares in Hong Kong, providing Vale direct exposure to Asian capital markets.

8. India's WNS Holdings ( WNS), a provider of offshore business process outsourcing services, has an upside of 22% with 27% of median analysts recommending a buy on the stock. The company is scheduled to release second-quarter financial results on Oct. 27.

The stock is trading at a P/E of 9.6 as compared to its peers like International Business Machines ( IBM) and Cognizant Technology Solutions ( CTSH), which are trading at P/E multiples of 12.1 and 28.1, respectively.

7. Brazil's Gerdau ( GGB), a leading low-cost steel producer, has an upside of 29% from the current levels.

The stock generates a return on investment if 5.8% as compared to the industry average of negative 7.3% clearly indicating that the company has a strong growth potential.

Steel producers in Brazil are likely to benefit from the country's infrastructure spending as the country prepares to host the 2014 World Cup football tournament and 2016 Olympics. A wealthy middle class is now seeking to spend more on automobiles, properties, and leisure travel. This spending will buoy steel demand as these sectors are major consumers of steel.

The company is also continuously improving its competitiveness through investing in mineral resources over the past five years with several lined up for the future.

6. Brazil's Companhia Brasileira De Distribuicao ( CBD) is a leading food retailer and ranks first among the top three Brazilian supermarket chains. The stock faces an upside of 38% from current levels.

Strong domestic demand for consumer-related products will directly benefit the company, supporting an upside in the stock price.

5. Brazil's Petroleo Brasileiro S.A. (Petrobras) ( PBR), an integrated oil and gas company, has a 40% upside according to analysts' estimates. The stock was included in this list of energy stock picks with upside. The stock appears bullish based on the money flows, indicating visible investor confidence. On Oct. 19, money flows in the stock stood at $32.25 million.

The stock has a P/E of 8.44 as compared to its peers like Exxon Mobil ( XOM) which records a P/E of 12.73. In addition, Petrobras records an operating margin of 23.8% much higher than 9.5% of Exxon.

Recently, Blackrock> ( BLK) has increased its stake in Petrobras to 5.01% of the preference shares, leading to the current holding of 185.87 million preference shares and 94.53 million ADRs.

Petrobras, which has investments and explorations across several countries, is benefiting from growing domestic demand as well. Besides, Petrobras is in an enviable position as its investment portfolio includes pre-salt reservoirs. Unlike U.S. oil refiners, Petrobras is less vulnerable to price volatilities and uncertainties as the Brazilian government determines prices.

4. China's Sorl Auto Parts ( SORL) manufacturers and distributes commercial vehicle air brake systems through a joint venture. It faces an upside of 59% from current levels with 16% of analysts recommending a buy on the stock. The stock's price-to-book ratio of 1.6 is lower than close competitor China Automotive Systems ( CAAS) 4.39, implying attractive investment opportunities.

Sorl Auto Parts is a supplier to six commercial vehicle manufacturers in India, the market that will support the company's growth. The company COO said, "India is one of the most important global commercial OEM markets and we are focusing on growing our business there."

3. China Finance Online ( JRJC) is a provider of vertically integrated financial services and products through web portals, software systems, and mobile handsets. The company faces an upside of 66% from current levels. The stock's price-to-book ratio of 1.8 is much lower than Baidu's ( BIDU) ratio of 50.23.

With a population of 1.4 billion, China has almost 50 million investors with retail investors forming the major chunk as the institutional market is less developed. At the current statistics and growth estimates for the economy and population, China Finance is assured of at least 40% of the market share. For 2010, sales are estimated to grow more than $61 million with a growth rate exceeding 14%, compared to the prior year.

The company's strategic alliance with China's largest broadband Internet access provider China Telecom, which provides 40 million broadband customers exposure to China Finance's web portals, will propel further growth.

2. China TransInfo Technology ( CTFO), a provider of public transportation information technology systems and related technology solutions, has an upside of 110% with 11% of the analysts recommending a buy on the stock. The company ranks first among the top ten competitors in the application software industry, recording highest sales growth.

1. Sutor Technology Group ( SUTR), a private manufacturer of fine finished steel products, faces an upside of 182% with 22% of analysts recommending a buy on the stock.

Management anticipates a strong growth in the upcoming quarters after reporting a 14% jump in revenue growth and an 89% growth in its fourth quarter net profit, based on robust domestic and international demand.

The stock has a P/E ratio of 6.7, price-to-book ratio of 0.46, and a price-to-sales ratio of 0.16. These ratios stand much lower compared to China Precision Steel ( CPSL), which has P/E ratio of 13.32, a price-to-book ratio of 0.57, and a price-to-sales ratio of 0.66, clearly indicating further growth potential.

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