As we approach the end of the financial year 2023-24, a select group of stocks has proven to be a goldmine for investors, multiplying wealth by as much as fivefold. Small and midcap stocks have been particularly bountiful, while the Sensex and Nifty 50 saw substantial gains of up to 30 percent.
Following a 65 percent surge in small and midcap indices, a number of stocks have delivered multibagger returns. According to data provided by Ace Equity, 113 shares in the BSE500 index have doubled investors' money, and 330 shares, representing 66 percent of the index, have performed notably well. In the BSE500 index, 20 stocks have provided thrice the initial investment.
These 2 Stocks Delivered 400% Returns
Indian Railway Finance Corporation (IRFC) tops the list of stellar performance, bestowing a 441 percent return over the year, with the stock currently priced at ₹142.4. Meanwhile, during this fiscal year, Suzlon Energy soared from ₹7.95 to ₹40.47 per share, granting a 400 percent return to its shareholders.
These Stocks Also Achieved Multibagger Status
This fiscal year has seen other multibagger stocks like Hudco, Mangalore Refinery and Petrochemicals, Jupiter Wagons, Ircon International, and REC deliver returns ranging from 310-330 percent. Some of these stocks have been forecasted by brokerages for further growth, with JM Financial setting a target price of ₹54 per share for Suzlon.
Triple Fold Increase by These Stocks
Over the year, Kalyan Jewellers India yielded a 290 percent increase, Cochin Shipyard 280 percent, Rail Vikas Nigam 280 percent, SJVN stocks 270%, Tata Investment Corporation 255 percent, Zomato 255 percent, and Bharat Heavy Electricals provided a 250 percent return. Additionally, Sobha, NBCC (India), Swan Energy, Power Finance Corporation, Apar Industries, and NLC India have also witnessed gains between 200-240 percent.
