Indian equities had a stellar year in 2023-24, with the benchmark NSE Nifty 50 rising 30 percent and broader midcap and smallcap indices surging as much as 70 percent. Several stocks with very high retail investor base, rode the market rally to turn multibaggers, more than doubling during the year.
Moneycontrol has listed top 30 firms with the largest retail shareholder base, and selected 10 of them that zoomed at least 100 percent this fiscal.
IRFC | Rise: 435 percent | Market Cap: Rs 1.74 lakh crore
The stock of Indian Railways Finance Corp surged over 435 percent in FY24. Around 32 lakh retail investors hold 138 crore shares in this stock, valued at Rs 19,500 crore. The company’s market cap stands at Rs 1.74 lakh crore as of the last close, making it the most valued railway stock. Analysts advise investors to exit, attributing the surge to top-down bullish sentiment for PSUs rather than significant fundamental changes. Most foreign portfolio investors have remained cautious, anticipating no major shifts in governance or operations.
Suzlon Energy | Rise: 412 percent | Market Cap: Rs 55,000 crore
The Suzlon stock soared 412 percent in FY24. Over 34 lakh retail investors hold 579 crore shares now valued at Rs 23,462 crore. Analysts have raised their targets on expectations of growth in India's wind turbines market, anticipating Suzlon to benefit as domestic wind capacity expands to 100 GW from 45 MW. Risks include adverse government policies, slower-than-expected uptake in Wind Turbine Generators, and intense competition.
Zomato | Rise: 258 percent | Market Cap: Rs 1.61 lakh core
The Zomato stock has surged 258 percent so far in FY24. Some 17 lakh retail investors now hold 63.34 crore shares, valued at Rs 11,550 crore as of the last close.
Reliance Power | Rise: 184 percent | Market Cap: Rs 10,758 crore
Shares of Reliance Power surged by 184 percent in FY24, with 35 lakh shareholders holding around 202 crore shares valued at Rs 5,711 crore. Recent reports indicate Reliance Power's aim to go debt-free by FY23-24, with only a working capital loan from IDBI Bank remaining. The company cleared debts with ICICI Bank, DBS Bank, and Axis Bank, while its parent company, Reliance Infrastructure, is working on settling dues of around Rs 2,100 crore to JC Flowers Asset Reconstruction Company.
Jaiprakash Power Ventures | Rise: 175 percent | Market Cap: Rs 10,472 crore
The stock of Jaiprakash Power Ventures stock surged 175 percent in FY24, with 17.55 lakh retail holders owning over 256 crore shares valued at Rs 3,915 crore. JP Power Ventures significantly reduced its debt from Rs 11,150 crore in FY19 to Rs 4,754 crore by FY23, reporting profits and increased revenue for the past year. This has brought the company back on the path to profitability and growth, say analysts.
Punjab National Bank | Rise: 166 percent | Market Cap: Rs 1.37 lakh crore
The Punjab National Bank stock rose 166 percent this fiscal, with around 21.30 lakh individual shareholders holding about 96.46 lakh shares in the PSU lender, valued at around Rs 12,000 crore. Analysts highlight that PSU banks are undervalued compared to private banks, with strengthened balance sheets and improved asset quality, notably low slippage ratios and reduced credit costs.
Tata Motors | Rise: 136 percent | Market Cap: Rs 3.30 lakh crore
Shares of Tata Motors zoomed about 136 percent this fiscal. Around 41 lakh individual shareholders hold 51.33 crore shares which are currently valued at Rs 50,972 crore.
Vodafone Idea | Rise: 128 percent | Rs 6,4452 crore
Telecom service provider Vodafone Idea saw its shares surge over 128 percent this fiscal year. Some 31 lakh individual investors now hold 456.54 crore shares, valued at Rs 6,044 crore. The struggling telco's stock has surged amid expectation of fund infusion from promoters and other fundraising plans.
Indian Oil Corp | Rise: 115 percent | Market Cap: Rs 2.37 lakh crore
State-run oil major Indian Oil Corp gained 115 percent in FY24. Currently 20.32 lakh retail investors have 95.3 crore shares of the company, which are valued at Rs 16,000 crore.
Tata Power Co Ltd | Rise: 107 percent | Market Cap: Rs 1.26 lakh crore
The stock of Tata Power Co Ltd spiked 107 percent this fiscal. Around 39.28 lakh individual shareholders hold around 75.52 crore shares of the company which is valued at around Rs 30,000 crore.
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