Indian Companies which could benefit from depreciating Rupee:

Any company which earns by exports are bound to benefit by the depreciating rupee. Though it is common for many of these exporters to hedge there currency exposure to shield from downturn, there is possibility of higher revenue from future revenues.

Following are few companies which derive majority of their revenue from overseas. Apart from them you have a host of companies including Textile exporters which benefit due to appreciating dollar. The list of companies given below is not inclusive of all the companies which export. This is just an indicative list. Also do a complete market research about these companies before investing.

Tata Steel: Europe constitutes 65 per cent of total revenues. Profitability of European operations also has considerable sensitivity to Consolidated earnings (every US$5/t change in Europe EBITDA = 20 per cent improvement in consolidated earnings).

Hindalco: The aluminium major's 64 per cent of revenues and 67 per cent of EBITDA come from US/Europe and Latin America.

TCS: It generates 92 per cent revenues from US and Europe. Strong beneficiary of recovering US economy and structural shift in favor of offshoring in continental Europe. Discretionary IT services spending likely to get strong boost as global recovery gains traction. In current environment remains insulated from India macro weakness.

Tech Mahindra: The company's 93 per cent of revenues come from the US and Europe. Competitive pricing and stronger balance sheet should help Tech MahindraBSE 1.81 % gain market share. Stock trades at a 30 per cent discount to large cap IT service peers, an arbitrage that should correct, following market share gains. In current environment remains insulated from India macro weakness

Infosys: It generates 97 per cent of revenues from US and Europe. The company is likely to use rupee depreciation as a competitive lever to rebuild lost market share. In current environment remains insulated from India macro weakness

Wipro: The company's 90 per cent of revenues come from US/Europe. In current environment it remains insulated from India macro weakness.

Reliance Industries: Refining and petchem businesses make for 88 per cent of EBITDA, where margins are driven by global factors. It remains highly insulated from domestic macro issues.

United Phosphorous: Its 80 per cent of revenues are derived from exports and foreign subsidiaries, considerably hedged against the weakening domestic macro situation.

Tata Motors: Nearly 75 per cent of revenues and 85 per cent of EBITDA is derived from JLR which is linked to markets like US, Europe and China.

Bharat Forge: The company generates 45 per cent of revenues derived from US and EU truck markets which are seeing strong demand recovery.