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Global Dynamos

Standard & Poor's sees opportunities among certain multinationals with operations in India, the largest democracy in the world, where demand for what companies produce or provide continues to appear strong. We project that India's economy will grow by at least 7% annually for the foreseeable future, thanks in large part to the subcontinent's prosperous information technology sector, the resulting consumerism, and the concurrent investment in infrastructure.

India's English-speaking, highly educated workforce has been a source of low-cost technology and service labor. Now, it's also a growing consumer base. As such, we believe information technology (IT) firms with significant production on the subcontinent, along with industrials focused in the logistics industry, will likely outperform the benchmarks.

On a global basis, IT and business process outsourcing (BPO) services grew about 7% in 2005, while India-based IT/BPO companies grew 33%, according to Crisil Research, an India-based credit rating agency that is majority owned by S&P. Looking ahead, the compound annual growth rate for Indian exports is projected by Crisil to be 26% through 2009 for IT services and 31% for BPO services.

The table below shows highly ranked India-based companies that trade as American depositary receipts here and U.S.-based multinationals with significant Indian operations, all of which are expected to show material stock price appreciation over the next 12 months, in our opinion.

"Leveraging the increased efficiencies offered by global logistics advancements should enable multinationals from all over the world to expand their reach in tapping new markets to both sell and produce products," explains Alec Young, S&P equity market strategist. "Multinationals are leading the way in enabling productivity-enhancing global logistics."


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