Independence Day 2024: Multibagger Oil India, IRFC, Trent among top 5 gainers in a year as Mid-cap Index rises 54%

Independence Day 2024: Multibagger Oil India, Indian Railway Finance Corporation Ltd (IRFC) , Trent Ltd, Bharat heavy Electricals Ltd (BHEL) and Oracle Financial Services Software Ltd are the year's top 5 mid-cap gainers.

The S&P BSE Mid Cap Index has gained more than 53% in the last one year,  buoyed by strong investor confidence. As strong economic growth in the country remains supportive, many businesses are also seeing a reversal in fortunes. For instance, upstream Oil producer Oil India Ltd is expected to continue benefitting from rising production, expansions at its Numaligarh refinery, and an uptick in prices of domestically produced gas.

Oil India Ltd share price is up around 257% over last one year providing multibagger returns to investors.

While the S&P BSE MidCap Index has seen strong gains over the last one year, nevertheless, many stocks have outperformed the mid-cap index's gains.

As Oil India share price is the biggest gainer, Indian Railway Finance Corporation (IRFC),  with gains of around 251%, is also not far behind. Another gainer with more than 200% gains includes Trent Ltd. Trent share prices rose around 233% over the last one year.

Analysts remain positive on Trent posting a strong Q1 performance despite weak consumption reported by other retailers. Analysts at Motilal Oswal Financial Services (MOFSL) said that based on strong productivity, aggressive store additions, marginal tailwinds from moderating raw material costs, and operating leverage, they estimate a compound annual growth rate (CAGR) of 41% and 52% in revenue and net profit in the FY24-26 period.

Share price gains

Gains in share prices of Bharat Heavy Electricals Ltd (BHEL) and Oracle Financial Services Software Ltd have also been phenomenal. Bharat Heavy Electricals Ltd (BHEL) share price has risen 185%. BHEL share price gains were boosted by rising economic activity, strong power demand in the country, capex initiatives by the government, and expenditure by railways.

 

Oracle Financial Services Software Ltd share price gained around 166%, making it to the list of Top 5 mid-cap gainers.

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