"India-based Dr. Reddy's Laboratories (NYSE: RDY), a generic-drugs play with solid market positions in India, Russia, the US and Germany," says Asian stock expert Yiannis Mostrous.

In his specialty newsletter, The Silk Road Investor, he explains why he has chosen the firm as his latest "Stock of the month".

"Seventy percent of the firm's growth comes from generic drugs, and the trend there has been favorable. New products, market share gains and a revamp of the supply chain in India should contribute to profitability. The company is also building a proprietary pipeline to supplement it core business.

MAJOR PAPERS:

• The Wall Street Journal's "Heard on the Street" reported that analysts believe investors should take a look at some Indian pharmaceutical stocks, including two of the subcontinent's biggest generics makers, Dr. Reddy's Laboratories Limited (NYSE: RDY) and Cipla Ltd.
• According to the Wall Street Journal's "Heard in Asia," shares of India's three largest tech and outsourcing companies by sales, Infosys Technologies Limited (NASDAQ: INFY), Tata Consultancy Services and Wipro Limited (NYSE: WIT), may be worth a look by investors despite some near-term volatility.

• David Letterman is seeking his own deal with the Writers Guild of America which would allow his show to return to air on CBS Corporation's (NYSE: CBS) CBS station in early January even if the strike is continuing, the New York Times reported.
• According to the UK Times, Ford Motor Company (NYSE: F) is expected to name Tata as the preferred bidder for its Jaguar and Land Rover units.

"India is a country of the future," observes Nick Vardy in The Global Stock Investor. And his current favorite play on this market is ICICI (NYSE: IBN). He notes, "ICICI can be considered India's 'Citibank' -- and it is angling to profit from India's growth in many ways."

The advisor points out that the Delhi Master Plan 2021 -- a government plan to transform New Delhi from a "chaotic city into a clean, organized and world-class metropolis" -- proposes making land available to build 2.4 million housing units in Delhi.

He notes that ICICI Venture Funds Management Co. -- a joint venture with Tishman Speyer, a U.S. real-estate company -- is already actively looking at funding a large chunk of the project. The prospects look strong.

Meanwhile, he adds, ICICI Bank's international aspirations continue to bear fruit. Recently, he states, ICICI received a license to set up a branch in the Qatar Financial Centre, Doha, Qatar. According to Vardy, ICICI Bank is the first Indian bank to receive a license from Qatar Financial Centre Regulatory Authority (QFCRA).

He explains, "Perhaps no other stock in our portfolio demonstrates better that it is important to stick with strong-growth megatrends, no matter how volatile the ride can be. I continue to be very bullish on the long-term prospects of ICICI bank and the stock remains a long-term buy and my #1 pick on the global financial-services megatrend."

For more stock picks from the leading financial newsletter advisors, visit Steven Halpern's free daily website, TheStockAdvisors.com.