(FORTUNE Magazine) – Lou Dobbs, the Republican-turned-populist television commentator, chronicles on a nightly basis the growing list of U.S. corporations that are, in his words, "exporting America." Dobbs would really blow a gasket if he broadcast just how well the Indian-based companies at the center of the tech offshoring brouhaha are capitalizing on the trend. In the past 12 months, shares of Infosys (INFY, $80) and Wipro (WIT, $43), the two best-known India-based offshoring companies, have doubled while the tech-focused Nasdaq has gained 25%.

Investors aren't just picking up on a fad. Both companies have been growth engines of late. Infosys recently reported quarterly profits of roughly $285 million, a 30% gain over the previous year, while Wipro grew its earnings by 43%. Having said that, it's probably not the best time to rush into their stocks. Infosys and Wipro must deal with growing wage inflation in India, competition from upstart outsourcers, and the expectations created by their torrid growth. Then there's outsourcing backlash--at home. The stunning defeat of India's Hindu-nationalist party at the polls in May was interpreted in part as disillusionment with the country's technology revolution. --Adam Lashinsky