Scrip prices of IT companies with a large India presence like Infosys, Wipro, Cognizant and Satyam have risen between 10 and 30 per cent in the last three months and are now just a couple of dollars away from hitting their respective 52-week highs.

This apart, Indian companies continue to enjoy P/E ratios which are the envy of MNCs like Accenture, EDS, and CSC.

	Closing Price on Sep 3 ($)	52-week high ($)	Listed
Infosys	53.56	54.99	NASD
Wipro	17.6	19.08	NYSE
Cognizant	27.49	28.59	NASD
Satyam	21.46	35.35	NYSE
Accenture	25.9	28.1	NYSE
CSC	46.51	47.55	NYSE
IBM	84.39	100.43	NYSE
EDS	19.19	25.44	NYSE

Infosys' stock at the Nasdaq on September 3 was quoting at $53.56 as compared to its 52-week high of $54.99 while that of the NYSE-listed Wipro and Nasdaq-listed Cognizant were quoting at $17.60 and $ 27.49 compared to their 52-week highs of $19.80 and $28.59 respectively. Hyderabad-based Satyam Computers, listed on the NYSE, seems to be the only laggard in this troika with its stock quoting at $21.46 as compared to a 52-week high of $35.35.

While Infosys, Wipro, and Cognizant have inched close to their 52-week highs, their larger multinational peers such as Accenture, IBM, CSC and EDS have also seen significant increases in their share prices and are anywhere between 2 and 15 per cent away from their 52-week highs.

With US presidential elections not far away and the rhetoric on outsourcing getting harsher by the day, recent research reports that have come out seem to go the way of companies that espouse the offshore (India) story.

That India is in favour can be gauged by the P/E ratios of India-based players. This also validates the low-cost high-quality offshore delivery model gaining acceptance with investors.

The earnings per share -- both trailing and forward -- favour Indian players compared to their MNC peers who do not have a substantial Indian presence yet.

Analysts feels that companies with a substantial India exposure are expected to continue their blazing trail in the coming year as well.

Cognizant, with industry-besting growth numbers, continues to maintain the highest P/E ratio (see table) among the large players with an India story. Wipro and Infosys have inched closer in the last few months. Going forward, all three of them are expected to post a P/E of over 30.