Bajaj Auto, NTPC, among top 10 Nifty performers of FY24; deliver 80-140% returns

Market experts highlighted that there was a rampage in corporate earnings growth, with the 23-24 per cent year-on-year (YoY) earnings per share (EPS) forecast for the Nifty 50 index. Investors became richer by ₹128.77 lakh crore in FY24, driven by strong macroeconomic fundamentals of the Indian economy, increased foreign capital inflows and promising corporate growth earnings.

Large caps recorded a hefty 33 per cent return in FY24, midcaps surged by 56 per cent, and small caps excelled with 63 per cent return. On the last trading day of the financial year, Nifty 50 closed at 22,326.90, up 203 points, or 0.92 per cent, while Sensex settled at 73,651.35, up 655 points, or 0.90 per cent.

Also Read: FY24 Review: Tata Motors, Bajaj Auto, among D-Street’s top 10 best-performing largecaps this fiscal; check full list

D-Street leaders of FY24

In terms of overall market capitalisation (mcap), Dalal Street’s top 10 best-performing largecap stocks of FY24 witnessed a surge of 110-270 per cent in their market value during the fiscal-under-review. Zomato has emerged as markets’ best-performing largecap with a growth of 261.86 per cent in market value and commands an mcap of ₹1,60,828.76 crore, as of March 28, 2024. 

Zomato was followed by Tata Motors DVR, Adani Power, Punjab National Bank, and DLF. However, coming to indices, Nifty 50’s top 10 best-performing largecaps, including Bajaj Auto and others, have delivered hefty returns in the range of 80-140 per cent in FY24. Here are Nifty 50’s top 10 best-performing largecap stocks of FY24 with the returns generated in the last 12 months:

Nifty 50’s top 10 best-performing largecaps of FY24:

1.Bajaj Auto: The Bajaj Group firm has emerged as Nifty 50’s best-performing largecap of FY24 with a remarkable return of 142.52 per cent on investments generated over the last 12 months. The auto major is also among the top-performing largecaps of FY24 in terms of mcap growth, which rose 129.15 per cent, while the mcap stands at ₹2,58,965.06 crore as of March 28, 2024. 

2.Tata Motors: The Tata Group auto major has emerged as Nifty 50’s second best-performing largecap of FY24 with a hefty return of 136.67 per cent on investments generated over the last 12 months. The company’s luxury arm, Jaguar and Land Rover, and its growing presence in the electric vehicle (EV) space have been the major growth drivers, as the mcap rose 139.60 per cent in FY24.

Also Read: Q3FY24 Review | Nifty 500 firms deliver 25% YoY growth; BFSI, oil & gas shine: IOC, HDFC Bank among top 5

3.Coal India: The world’s largest state-owned coal producer has emerged as Nifty 50’s third best-performing largecap of FY24 with a return of 118.73 per cent on investments generated over the last 12 months. The country’s increasing power demand and growing electrifications have sent the coal miner’s stock higher over the last several months.

4.Adani Ports and Special Economic Zone: The Adani Group’s flagship port company has emerged as Nifty 50’s fourth best-performing largecap of FY24 with a return of 113.76 per cent on investments generated over the last 12 months. The port major gave a strong comeback driven by the growing opportunities in the port sector, after being hit by Hindenburg’s report in early 2023.

5.Hero MotoCorp: The company has emerged as Nifty 50’s fifth best-performing largecap of FY24 with a return of 107.91 per cent on investments generated over the last 12 months. Hero MotoCorp is the third auto major in the list of Nifty 50’s top five list. New product launches announced by the firm and growing premiumization in the sector stood as growth drivers for the stock.

6.NTPC: The state-owned power generator is among Nifty 50’s best-performing largecaps of FY24 with a return of 97.67 per cent on investments generated over the last 12 months. The company’s mcap stands at ₹3,25,759.5 crore and the net profit rose to ₹5,209 crore in the previous quarter.

7.Shriram Finance: The company is among Nifty 50’s best-performing largecaps of FY24 with a return of 92.76 per cent on investments generated over the last 12 months. The insurer’s net profit rose to ₹1,873.5 crore in the previous quarter and assets under management rose 21 per cent YoY.

Also Read: FY24 Review: FPIs infused ₹2 lakh crore in Indian equities, highest since FY21; what lies ahead?

8.Oil & Natural Gas Corporation (ONGC): The state-owned oil explorer is among Nifty 50’s best-performing largecaps of FY24 with a return of 85.99 per cent on investments generated over the last 12 months. ONGC accounts for about two-thirds of India’s oil and more than 50 per cent of its gas output. 

9.Bharat Petroleum Corp Ltd (BPCL): The oil marketing company (OMC) is among Nifty 50’s fifth best-performing largecaps of FY24 with a return of 85.99 per cent on investments generated over the last 12 months. BPCL’s net profit surged 82 per cent to ₹3,181.4 crore in the previous quarter, attracting investor’s interest over strong growth fundamentals.

10.Adani Enterprises: The Adani Group’s flagship company is Nifty 50’s tenth-best performing largecap of FY24 with a return of 82.74 per cent on investments generated over the last 12 months. The company commands an mcap of ₹3,64,065.06 crore as of March 28, marking a major comeback in FY24 after Hindenburg’s stock manipulation allegations.

Also Read: FY24 Review | Brent rises nearly 9% in last 12 months on OPEC cuts, Middle-East tensions; Will oil hit $100 in FY25?

Outlook for FY25:

Domestic brokerage firm Emkay Institutional Equities -part of Emkay Global Financial Services Ltd, maintains its stance of Nifty 50 to remain at 24,000 level. The brokerage expects the market to rebound in 3-6 months, when small and mid caps would start to outperform again.

According to Sanjay Bembalkar, CFA, Co-Head Equities at Union Mutual Fund, Nifty 50 is trading in the fair zone in terms of market valuations. For financial markets, FY25 is expected to be a year of mega events, according to Bembalkar. General elections, clarity on interest rates, inclusion of India in global bond indices and foreign fund inflows are among the major triggers in FY25.

‘’Currently, we prefer large caps due to better risk reward to investors, thanks to attractive valuations and strong earning potential. Key risks to watch are on protectionist trade policies and economic implications from geopolitical conflicts,” said Bembalkar.

Technically, in the near-term, Nifty 50’s immediate hurdle is seen only at its all-time-high at 22,527 mark, while the support is placed at 22,000 mark, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Disclaimer: The views and recommendations above are those of individual analysts and broking companies, not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 31 Mar 2024, 06:35 AM IST