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By Ethan Messenger

Which tech companies will dominate India in the 21st century? Below are eight stocks we think will be the big winners. Can you think of any other names to add to the list below?

For Dell (NASDAQ:DELL), annual revenue in India is nearing $2 billion and the world's No. 2 maker of personal computers plans to add more staff in the country. "We are continuing to invest here and continuing to grow the business ... India for us is a critical part of our infrastructure globally," Michael Dell said at an event in the Indian capital on March 22nd, 2011. Overall sales of personal computers in India rose 30 percent on a unit basis in 2010. The company is transforming itself to a services and storage company. It has ramped up service offerings and snapped up 12 companies to prepare for the cloud computing revolution. According to Gartner Inc., revenues from cloud computing services are expected to touch $148.8 billion in 2014. In its quarterly earnings call in February, the company stated that BRIC countries in emerging markets (Brazil, Russia, India and China) accounted for 13% of Dell’s revenues. Dell is currently trading at $14.80, with a P/E ratio of 10.96.

Hewlett-Packard (NYSE:HPQ) has regained its market leadership in the December quarter in India from Dell after two quarters, with a share of 17.3 percent. They have announced big plans in cloud computing business, will open two data centers in India — most probably in Hyderabad and Chennai — as it brings in the cloud platform this year. Hewlett-Packard Co,India’s biggest maker of personal computers [PCs], has seen a surge in the sales of the so-called “thin client” machines—stripped-down, full-function PCs that draw most of their computing power from an offsite centralized data center through the Internet or dedicated broadband connections. It is currently trading at $43.31, with a P/E ratio 10.54, and a dividend yield 0.32 (0.80%).

Infosys Technologies (NYSE:INFY) is an information technology services company headquartered in Bangalore, India, Infosys just managed to achieve 10.7% growth and had incremental revenues of almost $1 billion. The company is likely to see another year of accelerated growth in the coming fiscal after beating its guidance quarter after quarter, as the economic environment improved in North America, its major market. Brokerage houses tracking Infosys expect the company to forecast year-on-year dollar revenue growth of around 18-20% with a compounded quarterly growth rate of around 3-4% in the next fiscal. Infosys’ outlook for dollar revenue growth in the current quarter is 1-2% and 25% for the full year. They have recorded 30.2% operating margins over the last two quarters and analysts estimate it to be about 29.8% for the current fiscal. Infosys is trading for $70.54, with a P/E ratio of 27.88, and a dividend yield of 0.45 (0.70%).

Cisco System (NASDAQ:CSCO) Cisco Systems Inc said it plans to buy privately held software company new Scale Inc, in a deal that would ramp up its cloud computing services. Cisco Systems, the world’s largest maker of computer networking gear, said on Friday that it would pay a cash dividend of 6 cents a share, its first dividend ever, on April 20. The company had announced last year that it would start paying a dividend equating to an annual yield of 1 to 2 percent, but had not specified the amount or precise timing. Its current trading price is $17.29, with a P/E ratio of 13.08, and a dividend yield of 0.24 (1.40%).

Another great tech company Apple (NASDAQ:AAPL), I believe is well positioned to achieve strong top-line growth over the long-term based on product innovation, strong sales from iPad and iPhone and helped by growth in Macintosh. We expect Apple to introduce new products in 2011 to compete against new Android-based phones and tablet PCs. As apple has recently released its CDMA iPhone for Verizon, they're expected to bring it to India, where CDMA technology also dominates, as compared to the more popular GSM. Apple is currently trading at $350.05, with a P/E of 19.53.

Microsoft Corporation (NASDAQ:MSFT) is growing its operations in the ever-expanding Indian market. Rishi Srivastava, Group Director, OEM, Microsoft India is enthusiastic about the Indian market which he says is growing in the range of 23-25%. The Indian server market is growing at 15-18%. Microsoft’s share of consumption is in the 77-78% range and its been growing over the years. Microsoft India announced, about a week ago, the availability of Windows Intune, a new IT solution to streamline PC and device management and enhance productivity of remote workers for businesses of all sizes across the country. It simplifies how businesses manage and secure PCs using Windows cloud services and Windows 7 by delivering cloud-based management and industry-leading security capabilities from a single Web-based console that enables users to operate at peak performance from virtually anywhere. Microsoft is currently trading at $25.42, with a P/E of 10.85, and a dividend yield of 0.64 (2.50%).

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) is a U.S.-based multinational provider of business, technology and consulting services headquartered in Teaneck, New Jersey, Cognizant has been named in the 2010 Fortune 100 Fastest-Growing Companies List for the eighth consecutive year. They are planning a major expansion program in various Indian cities at a budgeted $ 285 million on the back of a 40 per growth rate over last year. They are currently trading at $80.75, with a P/E of 34.07.

Wipro Limited (NYSE:WIT) is a giant information technology services corporation headquartered in Bangalore. According to the 2008–09 revenue, Wipro is one of the largest IT services company in India and employs more than 119,491 people worldwide as of September 2010. It has interests varying from information technology, consumer care, lighting, and engineering businesses. It is 9th most valuable brand in India, according to an annual survey conducted by Brand Finance and The Economic Times in 2010. It is currently trading at $14.28, with a P/E of 30.84, and a dividend yield of 0.09 (0.70%).

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 8 Tech Stocks That Will Take India by Storm