In this article, we discuss 5 best Indian stocks to buy in the USA. If you want to read about some more Indian stocks, go directly to 10 Best Indian Stocks to Buy in USA.
5. Wipro Limited (NYSE:WIT)
Number of Hedge Fund Holders: 11
Wipro Limited (NYSE:WIT) is an information technology firm. It is one of the best Indian stocks to invest in. On September 13, Goldman Sachs analyst Sumeet Jain upgraded Wipro Limited (NYSE:WIT) stock to Buy from Sell with a price target of $4.87, noting that a recent pick-up in the order book for the firm and a strong sequential headcount growth during Q1 of fiscal 2023 are two leading demand indicators for near-term growth.
At the end of the second quarter of 2022, 11 hedge funds in the database of Insider Monkey held stakes worth $77 million in Wipro Limited (NYSE:WIT), compared to 15 in the preceding quarter worth $159 million.
4. Dr. Reddy’s Laboratories Limited (NYSE:RDY)
Number of Hedge Fund Holders: 11
Dr. Reddy Laboratories Limited (NYSE:RDY) operates as an integrated pharmaceutical company worldwide. It is one of the top Indian stocks to invest in. On September 07, Dr. Reddy Laboratories Limited (NYSE:RDY) announced that it would soon launch the Lenalidomide Capsules. The capsules have been approved by US Food and Drug Administration (USFDA) and are a therapeutic equivalent generic version of REVLIMID. The capsules are available in different strengths including 2.5mg, 5mg, and 10mg.
On July 29, Dr. Reddy Laboratories Limited (NYSE:RDY) announced that it had entered into a licensing agreement with New Jersey-based Slayback Pharma LLC. The agreement was done to acquire rights to Slayback’s Brimonidine Tartrate Ophthalmic Solution 0.025%, the private label equivalent of Lumify. Lumify is an over-the-counter eye drop that can be used to relieve redness of the eye due to minor eye irritations.
At the end of the second quarter of 2022, 11 hedge funds in the database of Insider Monkey held stakes worth $154.6 million in Dr. Reddy Laboratories Limited (NYSE:RDY), compared to 15 the preceding quarter worth $181 million.
3. Infosys Limited (NYSE:INFY)
Number of Hedge Fund Holders: 24
Infosys Limited (NYSE:INFY) provides consulting, technology, outsourcing, and next-generation digital services in North America, Europe, India, and internationally. It is one of the premier Indian stocks to invest in. Infosys Limited (NYSE:INFY) recently announced that it had entered into a partnership with Telenor Norway. The partnership was done to assist the telecom operator in its journey of advancement. Infosys Limited (NYSE:INFY) will support the transformation of Telenor’s IT stack in areas of digital, analytics & AI, and operations. The partnership will also focus on proficiency development.
On September 16, Susquehanna analyst James Friedman kept a Neutral rating on Infosys Limited (NYSE:INFY) stock with a price target of $20, highlighting that industry-wide demand challenges may be surfacing in a growing number of verticals and service lines for IT services companies, so its partnership with Telenor Norway will prove beneficial in lowering the challenges.
At the end of the second quarter of 2022, 24 hedge funds in the database of Insider Monkey held stakes worth $988 million in Infosys Limited (NYSE:INFY), compared to 25 in the previous quarter worth $2.3 billion.
2. ICICI Bank Limited (NYSE:IBN)
Number of Hedge Fund Holders: 27
ICICI Bank Limited (NYSE:IBN) provides various banking products and services in India and internationally. It is one of the major Indian stocks to invest in. ICICI Bank Limited (NYSE:IBN) on August 03 delivered impressive Q2 results, led by 22% year-on-year pre-provision operating profit growth on continued momentum across loan demand. With loan growth and asset quality also looking strong heading into a rising rate environment, ICICI Bank Limited (NYSE:IBN) is well-positioned for the rest of the year.
On August 19, RBC and ICICI Bank Limited (NYSE:IBN) Canada agreed to collaborate to create a seamless banking experience for the newcomers to Canada and also to focus on building banking solutions that simplify the financial transition for the newcomers.
At the end of the second quarter of 2022, 27 hedge funds in the database of Insider Monkey held stakes worth $1 billion in ICICI Bank Limited (NYSE:IBN), compared to 28 in the previous quarter worth $1.2 billion.
1. HDFC Bank Limited (NYSE:HDB)
Number of Hedge Fund Holders: 34
HDFC Bank Limited (NYSE:HDB) provides banking and financial services to individuals and businesses in India, Bahrain, Hong Kong, and Dubai. It is one of the elite Indian stocks to invest in. HDFC Bank Limited (NYSE:HDB) on September 21 signed a multi-year data and technology deal with Refinitiv. Under the agreement, HDFC Bank Limited (NYSE:HDB) will get access to Refinitiv’s data and products including real-time market data, news, and fundamental data. This will enable cost savings across several bank divisions.
At the end of the second quarter of 2022, 34 hedge funds in the database of Insider Monkey held stakes worth $2.2 billion in HDFC Bank Limited (NYSE:HDB), compared to 41 the preceding quarter worth $2.1 billion.
In its Q4 2021 investor letter, Motiwala Capital, an asset management firm, highlighted a few stocks and HDFC Bank Limited (NYSE:HDB) was one of them. Here is what the fund said:
“HDFC Bank (NYSE:HDB) is the leading bank in India. HDFC bank continues to compound sales and profits at 15% and 20% respectively and generates a solid 15-20% ROE. We purchased shares in late December as the share price declined and became attractive. HDFC Bank is a fast grower, and we expect it to continue to generate excellent returns for shareholders.”
You can also take a peek at 10 Best Stocks to Buy According to Angela Aldrich’s Bayberry Capital Partners and Top 10 Tech Stocks to Buy According to Billionaire Louis Bacon.
