On the sector side of things, Jain likes Indian banks, pharmaceuticals like Dr. Reddys ( RDY) and autos like Tata Motors ( TTM) based on growth adjusted valuations.

FORBES: A New Way Into India

India's Dr. Reddy's Laboratories (nyse: RDY - news - people ) looks ready to bring a so-called branded generic version of Norvasc, Pfizer's best-selling hypertension medicine, to market.

FORBES: Pfizer's Next Move

Generic drug makers like India's Ranbaxy Labs and Dr. Reddy's (nyse: RDY - news - people ) have at least tentative approval to sell the drug in the U.S. when Bayer's patent expires in 2003.

FORBES: Should Bayer Cut Prices To Protect A Patent?

Dr. Reddy's Laboratories (nyse: RDY - news - people ) has already applied with the Food and Drug Administration to sell the drug in the U.S. when Bayer's patent expires, and other drugmakers in India, like Cipla and Ranbaxy Labs, might jump at the chance to meet U.S. supply needs.

FORBES: Cipro, Anthrax And The Perils Of Patents