The stocks with over 100% returns are Marsons, Pacheli Industrial Finance, Kitex Garments, Ceinsys Tech, Panacea Biotec, LS Industries, Websol Energy System, Goldiam, International, JSW Holdings, 63 Moons Technologies, Polo Queen Industrial & Fintech, V2 Retail, PG Electroplast, Windsor Machines, Refex Industries, Gokul Agro Resources and PC Jeweller.
In this, Kolkata-based power transformer maker Marsons tops the chart with 342% returns and is followed by Pacheli Industrial Finance which has delivered 328% returns in this period. The latter is a Mumbai-based real estate company.
Three companies viz. Kitex Garments, Ceinsys Tech and Panacea Biotec are in the 200% club, yielding between 232% and 253%. A relatively unknown name, Ceinsys Tech is a technology-driven organisation that specialises in offering solutions in the geospatial, enterprise & engineering and mobility services space to its global clientele.
Other unfamiliar names include textile company LS Industries, FMCG Polo Queen Industrial & Fintech and engineering companies Windsor Machines and Refex Industries.
This article does not dive into the reasons for their stellar rally and only touches upon their performance since the last budget.
Also Read: Budget 2025: Capex stocks drop up to 43% from the last budget. Can government spending do the trick?
Sensex is down 12% from its all-time high of 85,978.25, which it hit on September 27, 2024. Since then it has been a downhill with occasional bouts of positive rally.
Lately, Indian markets’ fall has been on account of rising dollar and bond yields after Donald Trump’s election as the US President. He assumed charge on Monday, January 20, 2025 and Sensex came crashing down (-1.6%) on Tuesday.
Down from its peak of 110, the dollar index (DXY) is currently hovering around 108 against a basket of six top currencies.
Q3 earnings have also added to the diminishing sentiments.
“In the midcap and the smallcap segment, one has to be fairly stock-specific and bottom-up in terms of approach. However, also keep in mind that when we look at earnings, as well as return expectations from the market going into FY26, one must moderate earnings expectation given the context as we were discussing that last four years have been a significant uptrend for our markets as a whole,” Shibani Sircar Kurian, Kotak Mahindra AMC told ET Now.
Despite the corrections, the D-Street is still wary of valuations in Indian equities.
“When you look at different pockets of the market, largecaps today are trading at a slight premium to their historic average multiples on a one-year forward price-to-earnings basis, while mid and smallcaps are trading still at about 30% to 40% premium depending upon the index that you look at,” Kurian said.
SBI Securities recommends to investors to tone down their return expectations for the remaining part of FY25 and continue to adopt a buy on dips strategy with an investment horizon of at least 18-36 months.
Also Read: Pre-budget rally in PSUs, defence & railway stocks a damp squib in last 6 budgets. Where to spot opportunities?
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
