Jyoti Jaipuria & team Bank of America Merrill Lynch

Jyoti Jaipuria’s troop of 20 at Bank of America Merrill Lynch rises one position to third place, marking the team’s strongest showing since 2008. The Mumbai-based crew covers 150 stocks and is prized for “counterconsensus views and niche midcap ideas,” according to one satisfied client. The researchers upgraded Eicher Motors in February 2011 from underperform all the way to buy, at 1,040.06 rupees, on its rising profits and successful cost controls. Through March 2012 shares of the New Delhi–based truck maker had nearly doubled, to Rs1,993.35. “They made us a lot of money,” cheers one grateful investor. The analysts are also bullish on Mumbai-based lender ICICI Bank, on the belief that interest rate cuts will spur loan growth. — Ben Mattlin