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After the 7 listed ADRs - ICICI, ICICI Bank, Infosys, Satyam, VSNL, rediffusion-on-the-net and SSI; here are the planned pipelines of ADRs :

Orient Information
Bharati Telecom
Global Telecom
Pentamedia Graphics

While Mascot is already listed (parent is iGate) in US markets.

In terms of software companies, the demand for engineers is already killing growth. Hughes Systems, a subs of Hughes Satellite Systems planned to hire 800 engineers, but have been able to hire only 200. They plan to advertise internationally for 600 engineers to fund their growth plans. I would be careful of predicting growth forever of 35-40%, since this would be feasible only for 2-3 years when the cost arbitrage catches up and programmers demand intl salaries and benefits.

Most promising and quality based out of the above are Wipro, Polaris. High risk are Zee and Bharati. Others are average issues and demand no more than P/E of 20-25 times- IMHO.

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