H1 Market Movers: 85 Companies Turn Multibaggers, Top 4 Deliver 650%+ Gains. What’s Next?

There’s no denying that the stock market in H1 so far has been full of action. While the global markets dipped and panic seemed to grip investors, the Indian stock market decided to rewrite the script, delivering a blockbuster performance that left everyone cheering.

Soaring benchmark indices, a broad-based rally across sectors, and companies registering unbelievable returns. We’re talking about a whopping 85 companies that rocketed to multibagger status, some with gains exceeding a mind-boggling 650%!

Curious? Absolutely!  Let’s dive into the heart of this matter to uncover the sectors that led the charge, dissect the strategies of the companies that rocketed to the top, and, most importantly, see what the rest of the year holds. 

H1 Highlights

The benchmark Nifty 50, a key indicator of the market’s health, surged over 9% in H1. But that’s not all. The broader market joined the rally, with the Nifty Midcap and Smallcap indices soaring a remarkable 20% each.

85 Stocks That Turned Multibagger

Let’s talk big returns! ETMarkets analyzed companies with a market cap exceeding Rs 1,000 crore and found a whopping 85 that delivered multibagger returns (investments that grew multiple times their original value) in H1.

Stocks delivering High Growth Returns (in %) during H1

We’re talking astronomical gains here! Marsons led the pack with a near 800% increase, followed closely by Tinna Trade at 718%. Two other companies, Diamond Power Infrastructure, and Bondada Engineering, also crossed the 600% mark.

• Marsons‘ near 800% surge can be attributed to a powerful confluence of technical and fundamental factors. Firstly, the stock’s price currently exceeds its short-, medium-, and long-term moving averages. This is a classic technical indicator of a strong upward trend, attracting investor interest and fueling the rally. The company’s strong annual earnings per share (EPS) growth signifies its ability to generate increasing profits consistently.
• Tinna Trade‘s stellar 718% gain is a testament to its strong momentum and improving financial health. Like Marsons, the stock price is above all its moving averages, indicating positive momentum and attracting investors. The company’s book value per share has steadily increased over the past two years. This metric suggests a strengthening financial position, implying the company’s intrinsic value is rising alongside its stock price.
• Diamond Power Infrastructure‘s explosive performance directly results from its exceptional revenue growth. The company’s top line witnessed a significant jump last year, setting the stage for its impressive run. Its three-year revenue growth trajectory is particularly noteworthy. Diamond Power Infrastructure has significantly outpaced the industry average growth forecast of 30% over the next year.
• Bondada Engineering –  Since its debut on BSE SME in August 2023, the stock price has skyrocketed from ₹149 to ₹2695. This phenomenal surge can be attributed to several factors. One key driver is the company’s strategic move to incorporate a new subsidiary, Bondada Green Engineering Pvt. Ltd., focusing on metal frames for building structures. Winning a ₹81 crore work order from NLC India Ltd. and ₹24 crore order from Sundrops Energia Private Limited further solidified Bondada Engineering’s position as a player to watch in the market.

Beyond the Numbers: A Diverse Rally

This stellar performance wasn’t limited to a single sector. Representatives from IT, Telecom, Textiles, Power, Capital Goods, Chemicals, Agriculture, and Infrastructure were among the high flyers.

Seven companies, including TechNVision Ventures and Moschip Technologies, delivered triple-digit returns in the IT sector. Meanwhile, the Capital Goods segment had over 20 multi-baggers, with names like Shakti Pumps and Kirloskar Brothers leading the charge.

What’s Next?

Despite some initial uncertainty, the Lok Sabha election outcome seems to have been absorbed by the markets, thanks to the smooth formation of the Modi government. With the market hovering near all-time highs, a question lingers: Can the momentum be sustained in H2? Here are some factors that will likely influence the market’s direction:

• The Union Budget (July 2024): Investors are eagerly awaiting the budget to understand the government’s economic policies and their potential impact on businesses.
• US Federal Reserve Decisions: The US Fed’s interest rate moves can trigger ripple effects globally, and the Indian market will be watching closely.
• US Presidential Election (November 2024): Global political uncertainty can influence investor sentiment, and the US Presidential election is a pivotal event to watch.
• Monsoon Progress: A healthy monsoon is crucial for India’s agricultural sector and economic growth. Its progress will be monitored for insights into consumer spending.

Cautious Optimism

Analysts are cautiously optimistic, predicting the Nifty 50 may be around 25,200 by year-end, based on historical trends and market charts. While H1 was a period of phenomenal growth, H2 is likely to be more nuanced.

Investors should exercise caution and avoid getting carried away by the recent highs. Careful analysis of company fundamentals and a close watch on global developments will be key to navigating the next half of the year. Remember, past performance is not always indicative of future results.

*Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as recommendation or investment advice by Research & Ranking. We will not be liable for any losses that may occur. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL, and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Archana Chettiar

+ posts

I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.

• Archana Chettiar

  https://www.equentis.com/blog/author/archana/

  ₹1952 Cr Emcure Pharma IPO Opens July 3rd: A Deep Dive into SWOT, GMP and More
• Archana Chettiar

  https://www.equentis.com/blog/author/archana/

  Top Gainers & Losers in June 2024, And Why?
• Archana Chettiar

  https://www.equentis.com/blog/author/archana/

  Top 10 Events Shaping The Stock Market This Week. IPOs, FII Activity, Economic Data and More
• Archana Chettiar

  https://www.equentis.com/blog/author/archana/

  Global Stock Market Index: 30th June24 Weekly Recap