BackOver 45 Nifty 500 stocks gained between 10% and 50% in Jan so far; Sobha, JBM Auto among top gainers – check full list
47 stocks of Nifty 500 index have experienced notable gains in January so far, with Network18 being the top gainer with a gain of 50%. Other stocks that have seen significant rallies include Sun Pharma Advanced Research, Sobha, JBM Auto, and Easy Trip Planners.
PremiumIndia's market wrapped up the year 2023 on a positive note, with the Nifty 50 gaining 20%. This marked the eighth consecutive year of positive returns, driven by several factors, including moderating inflation, expectations of a peak in the rate hike cycle, improved liquidity, a consistent rise in retail participation in equities, and robust corporate earnings.
While, the standout performers were the mid- and small-cap stocks in 2023, with many yielding multibagger returns. Analysts are optimistic about the continuation of the bull run in the Indian market into 2024.
This confidence is based on the rising elements of the capex cycle, including housing, corporate capex, and government capex. As these factors come into play, it is anticipated that the potential global slowdown will have a limited impact on India's market trajectory, according to the global brokerage firm Jefferies.
In a recent update, Goldman Sachs, the American investment bank, adjusted its year-end 2024 target for Nifty50, raising it from 21,800 to 23,500 points. ICICI Direct Research, a domestic brokerage firm, has a 2024 year-end target of 24,200 points, signaling a robust and ongoing upward trend in the market.
Against this backdrop, certain stocks have experienced a notable surge. Within the Nifty 500 index, 47 stocks have demonstrated gains ranging from 10% to 50% in the current month so far.
Top Gainers
Shares of billionaire Mukesh Ambani-owned Network18 stood as the top gainers in the current month, with a gain of 50% so far. The stock in today's trading session gained 13% to hit a new 52-week high of ₹135 apiece. In the previous trading session, the stock was locked in the 20% upper circuit limit on multiple block deals.
Sun Pharma Advanced Research Company also experienced a significant rally in January, delivering a return of 34.45% so far. On January 05, the shares surged by nearly 10% to register a new one-year high of 423.35 apiece.
Shares of Sobha, a real estate developer, witnessed a sharp gain of 35% in the current month so far, marking their best monthly performance since January 2012. On January 04, the company reported its highest-ever quarterly sales value of ₹19.52 billion for Q3 FY24, reflecting a growth of 37.0% over Q3 FY23 and 13.2% compared to the preceding quarter (Q2 FY24).
Other real estate stocks, such as Prestige Estates Projects, Godrej Properties, and Macrotech Developers, also delivered returns between 11 and 18% in the current month so far.
JBM Auto was another stock that gained over 30% this month. In the previous trading session, the stock gained over 2% after media reports indicated that the government is planning to set up funds with an outlay of up to ₹300 billion to boost electric bus mobility.
In today's trading session, the stock jumped another 0.30% to hit a new record high of ₹2,006.80 apiece. Similarly, another e-bus maker, Olectra Greentech, also gained nearly 27% in January.
Easy Trip Planners, one of India’s largest online tech travel platforms, saw its share price zoom 19% in today's trading session to record a new 52-week high of ₹52.80 apiece, bringing the stock's total increase this month to roughly 28.40%.
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Following the controversial remarks made by three Maldivian ministers against Prime Minister Narendra Modi and India, the company on Monday (January 8) announced the suspension of all flight bookings to the island nation on its website, claiming that 'nationalism' is greater than any 'personal interest'.
Similarly, shares of Mangalore Refinery and Petrochemicals, a government-owned refinery company, gained 19.9% in today's trade to record a new high of ₹161 apiece, breaking its previous record high of ₹149 apiece achieved in January 2008. This month so far, the stock has gained 20.62%.
NCC shares bounced back strongly in January following a subdued performance in December. The shares in the current month have gained from ₹167.25 apiece to the current trading price of ₹196.40, resulting in a gain of 17.5%. The shares are currently trading near their all-time high of ₹228 apiece.
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Likewise, shares of Century Textiles, Motilal Oswal, Engineers India, GFSC, and Yes Bank have all gained between 20 and 26% in the current month so far.
Other stocks such as Adani Ports and SEZ, JSW Energy, Borosil Renewables, BLS International, Mahindra Logistics, Cochin Shipyard, Suzlon Energy, Hitachi Energy, Godrej Industries, Poonawalla Fincorp, Biocon, MMTC, Lemon Tree Hotels, Tube Investments, RattanIndia Enterprises, HPCL, EIH Hotels, Zomato, Finolex Industries, Shriram Finance, IRB Infra, Nippon Life India Asset Management, Nykaa, Adani Energy Solutions, Abbott India, Just Dial, IIFL Finance, Capri Global, Alembic Pharma, DLF, and KFIN Tech all yielded returns in the range of 10–18% in January so far.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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