Can Budget 2024 turn stocks into multibaggers? History says, it’s possible

Up until Finance Minister Nirmala Sitharaman’s Interim Budget 2024 speech, certain stocks had been giving moderate to steady returns. India is on the path to becoming the world’s third-largest economy by 2030, as per S&P Global Ratings. In her speech, Sitharaman announced an increase in outlay for infrastructure development by 11.1 percent; this amounts to 3.4 percent of the GDP, which is good news for infrastructure themed stocks.
Here, we have shortlisted stocks that were almost flat in stock prices until Budget 2023 (February 1, 2023), but multiplied returns subsequently, partly due to the budget’s emphasis on India’s growth story and partly due to the stock market rise of 2023. The question is: Can the momentum- built further by the Interim Budget- continue for these stocks?
Only stocks that are held by the mutual funds are considered for the study. The past three years’ price history (BSE) is taken into account for the comparison. Portfolio data as of December 2023. Source: ACEMF

GE T&D India
Share price return since Budget 2023: 495%
No. of mutual fund (MF) schemes holding the stock: 19
Sample of MF scheme that have invested: SBI Long Term Equity and Nippon India Multi Cap

Suzlon Energy
Share price return since Budget 2023: 425%
No. of mutual fund schemes holding the stock: 45
Sample of MF scheme that have invested: ITI Focused Equity and Invesco India Infrastructure

Also see: Interim Budget’s push for infrastructure: Newly added smallcap stocks by infrastructure mutual funds

Inox Wind
Share price return since Budget 2023: 416%
No. of mutual fund schemes holding the stock: 25
Sample of MF scheme that have invested: Samco Active Momentum and ICICI Pru ESG Exclusionary Strategy

Neuland Laboratories
Share price return since Budget 2023: 336%
No. of mutual fund schemes holding the stock: 12
Sample of MF scheme that have invested: WOC ELSS Tax Saver and Bandhan Small Cap

REC
Share price return since Budget 2023: 319%
No. of mutual fund schemes holding the stock: 185
Sample of MF scheme that have invested: LIC MF Infra and JM Midcap

Also see: Top sectors that MF increased exposures, lately. Are you invested in them?

Newgen Software Technologies
Share price return since Budget 2023: 309%
No. of mutual fund schemes holding the stock: 14
Sample of MF scheme that have invested: Tata Focused Equity and HDFC Children's Gift Fund

Power Finance Corporation
Share price return since Budget 2023: 309%
No. of mutual fund schemes holding the stock: 214
Sample of MF scheme that have invested: Sundaram Fin Serv Opp and Groww Value

Nucleus Software Exports
Share price return since Budget 2023: 301%
No. of mutual fund schemes holding the stock: 12
Sample of MF scheme that have invested: Quant Teck and WOC Multi Cap

Also see: Chasing multibaggers: Micro-cap stocks that Flexicap MFs added

NBCC (India)
Share price return since Budget 2023: 297%
No. of mutual fund schemes holding the stock: 24
Sample of MF scheme that have invested: Taurus Ethical and Samco Active Momentum

Arvind
Share price return since Budget 2023: 263%
No. of mutual fund schemes holding the stock: 16
Sample of MF scheme that have invested: Quant Small Cap and Bandhan Small Cap

PTC India Financial Services
Share price return since Budget 2023: 263%
No. of mutual fund schemes holding the stock: 1
Sample of MF scheme that have invested: Bandhan Infrastructure

MSTC
Share price return since Budget 2023: 252%
No. of mutual fund schemes holding the stock: 3
Sample of MF scheme that have invested: Taurus Flexi Cap and Motilal Oswal Nifty Microcap 250 Index

Also see: Bracing for Volatility? Bet on these newly added large-cap stocks by PMS

Man InfraConstruction
Share price return since Budget 2023: 221%
No. of mutual fund schemes holding the stock: 4
Sample of MF scheme that have invested: Samco Active Momentum and Quant Small Cap

IFGL Refractories
Share price return since Budget 2023: 216%
No. of mutual fund schemes holding the stock: 4
Sample of MF scheme that have invested: DSP India T.I.G.E.R and HDFC Small Cap

Also see: Momentum mania: 12 new midcap stocks entered the Nifty 200 Momentum 30 Index

Prestige Estates Projects
Share price return since Budget 2023: 203%
No. of mutual fund schemes holding the stock: 66
Sample of MF scheme that have invested: HDFC Housing Opp and Motilal Oswal Midcap

Kesoram Industries
Share price return since Budget 2023: 197%
No. of mutual fund schemes holding the stock: 9
Sample of MF scheme that have invested: Quant Value and Union Retirement

Kirloskar Brothers
Share price return since Budget 2023: 185%
No. of mutual fund schemes holding the stock: 8
Sample of MF scheme that have invested: Bandhan Infrastructure and Franklin India Opportunities

Also see: Find the best asset allocation mix that will maximise your returns