Most of the so-called BRICs -- Brazil, Russia, India and China -- are tumbling down.
Brazil is caught in a frightening downward spiral of corruption, recession and scandal, and Russia's oil-dependent economy is tanking in the face of still-low energy prices. Meanwhile, China is saddled with sputtering growth and a severely indebted financial sector.
But there is one BRIC standing: India. This vast country isn't without its own problems, including a creaky infrastructure and persistent military tensions with regional neighbors.
However, India's economic growth remains robust and its information technology services sector is the outsourcing magnet for the rest of the globe. In an overvalued and volatile global market, India is a source of undervalued growth for investors who know where to look.
The one company most associated with India is outsourcing behemoth Infosys (INFY - Get Report) , a barometer of the country's IT sector. Infosys is scheduled to report fiscal second-quarter earnings on Friday, and analysts expect yet another quarter of year-over-year growth.
Looking for overseas bargains in a sea of international woes? Infosys is a good choice in a global market rattled by failing emerging economies and Brexit-induced chaos.
Infosys' earnings growth is projected to continue through fiscal 2017. The average analyst consensus for the fiscal second quarter is for earnings of 23 cents a share, compared with 21 cents a year earlier.
Fiscal third-quarter earnings are expected to come in at 25 cents a share, up from 23 cents a year earlier.
For full-year fiscal 2016, earnings are project to rise to 97 cents a share from 90 cents in fiscal 2015, and they are forecast to reach $1.08 for fiscal 2017.
These numbers represent a welcome upward trajectory in a corporate earnings season that is expected to disappoint investors yet again.
Energy prices have recently rallied and come off their lows this year, but oil remains historically cheap, a boon for India's need to remain a low-cost labor hub. At the same time, a multitude of new technology start-ups are keeping the country in the forefront of innovation.
India's democratic society, prudent political leadership, rising middle class and well-educated labor force are helping the country sidestep many of the problems now bedeviling other emerging markets.
With a market capitalization of $41.48 billion, Infosys serves 1,045 clients in 50 countries, providing tech solutions and consultancy. One of the company's strengths is the diversity of its customer base.
Infosys holds long-term contracts with clients in consumer packaged goods, energy, financial services, health care, insurance, life sciences, manufacturing, retail, telecommunications and utilities. Unlike consumer tech companies such as Apple, which can take a beating when demand slows in a single important market such as China, Infosys has its fingers in many pies around the globe.
Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. See how Cramer rates the stock here. Want to be alerted before Cramer buys or sells AAPL? Learn more now.
American depositary receipts of Infosys trade at about $18, up more than 7% for the year, compared with a more than 4% for the S&P 500.
The median one-year analyst price target is $21, for a gain of 16.6%. On the high end, the projected one-year target is $22.10, which would represent a gain of 22.7%.
Despite its strengths, Infosys is a bargain. Its trailing 12-month price-earnings ratio of just 20.03 is about in line with Accenture (19.47), a lot lower than Microsoft (40.58) and cheaper that the industry (35.46).
Infosys is a jewel in the crown for investors. But for those looking for other growth opportunities, here is a genius trader who turned $50,000 into $5 million by using his proprietary trading method. For a limited time, he is guaranteeing investors $67,548 per year in profitable trades if they follow his simple step-by-step process. Click here for details.