India, like most emerging markets, has started to make a strong correction after the U.S. Federal Reserve began drawing down its stimulative long-term asset purchases. Money is flowing away from the country, seeking refuge in developed countries. As a response, the Indian rupee has declined about 14% in the past year, adding to price pressures by raising the cost of imports in the country. The outlook is not the best for the country, as the latest measures taken by the Indian Central Bank -- tighter monetary policy and interest rate increases -- will probably contract the economy.

However, these three companies are enjoying good momentum. Find out why.

Reverting bad trends
First, here's a leading Indian provider of business consulting, technology, engineering, and outsourcing services: Infosys (INFY -1.15%).

Third-quarter results gave investors a surprise, as earnings per share reversed a multiquarter downtrend, rising 3.8% year over year. Plus, after showing consecutive declines in margins throughout the past six quarters, Infosys is finally showing margin growth.

The company is also posting good profits and winning Fortune 500 clients. In fact, this last quarter Infosys managed to book 54 new clients, with 26 of them signing deals upward of $1 million -- not bad at all. The company's big data and cloud offerings are serving as a key catalyst driving growth. Sales rose to $2.1 billion in the quarter, up 9.9% from the year-ago period.

In addition, India only represented 2.6% of revenue in 2013, so the devaluation of the rupee could only be beneficial for Infosys, as it helps the company earn hard currency while it pays salaries and other costs in rupees.

Impressive international sales growth
Second, here's Dr. Reddy's Laboratories (RDY 1.13%), which is a low-cost manufacturer of generic drugs.

The positive currency effects from depreciation in the rupee are also helping Dr. Reddy's, leading to a strong Q2 2014. Total revenue climbed 17%, with a 32% increase in generic segment revenue. North America sales grew 43% thanks to new generic-drug launches and market share gains for some drugs.

Overall, the context in India is helping Dr. Reddy's. Gross margin is at 58% thanks to product mix and the currency effects. Domestic generic sales are only up about 8%, and the recent government pricing regulation will keep this market constrained. But hey, other combined emerging markets witnessed 42% growth.

Well positioned
Finally, you have to take a look at Wipro (WIT -0.17%), one of the largest India-based global IT services providers.

Third-quarter results were also ahead of expectations for Wipro, as the company experienced solid performance across all service lines. Net income from continuing operations reached $325 million, up 27% year over year.

The IT spending environment continues to show improvements, and Wipro added 42 new customers in the quarter, boosting its pipeline. The company has managed to build a niche in some emerging IT services, which should help Wipro stay ahead of the competition.

The company is not sealed off from the effects of a slowdown, but its focus on research and development services, which account for 10% of revenue, should help it withstand some impact, given that these services do not normally fall under clients' discretionary budgets. During the 2009 crisis, the company fared better than its peers thanks to its breadth of services and geographic reach.

Bottom line
Given the context, these three companies seem like great investing opportunities, and right now there's no apparent reason for a change in their growth trends.

Infosys is in good shape and showing healthy growth. Because its sales are mostly limited to America and Europe, only a slowdown in these regions could affect the stock.

Dr. Reddy's is in a similar situation, and its outlook is very promising. Pay attention to the company's market share and sales growth.

Regarding Wipro, its competitive edge and the company's long-term fundamentals remain intact. It is a good stock to own.