Indian markets declined 9 percent in the first half of 2022 (H1CY22), however, 2 stocks in the BSE500 index turned multibaggers despite the major correction.
Only 105 stocks in the BSE500 index gave positive returns in this period while the remaining were in the red for the first half of CY22. Among these, only 8 stocks rose over 50 percent. Apart from Adani Power and MRPL, GMDC added 80 percent, Mahindra Life rose 73 percent while CreditAccess Grameen, Deepak Fertilizer and GHCL were up between 50-70 percent each.
However, 10 stocks in the index fell over 50 percent each in this period with Future Retail and Future consumer declining the ost, 87 percent and 74 percent, respectively. Solara Active, Indiabulls Real Estate, Metropolis Health, Dilip Builcon and Indiabulls Housing also lost over 55 percent each.
Shares of Adani Power jumped from around ₹101 to nearly ₹270 per share in H1CY22 due to a massive rise in power demand in the country as heatwaves swept across the northern region of India. However, in the month of June, the stock declined by over 18 percent. In the last 1 year as well, the stock has more than doubled investor wealth, rising 131 percent. Most analysts have a 'strong buy call on the stock.
Adani Power is a thermal power producer in India with a power generation capacity of approximately 12,450 megawatts (MW) comprising 12,410 MW of thermal power plants and a 40 MW solar power project. It focuses on providing power generation and coal trading.
Meanwhile, MRPL rose from around ₹43 to ₹90.60 in the first half of CY22. In the last 1 year, the stock has risen 76 percent and added 12 percent in June. Most analysts have a 'strong buy' call for this stock as well. The rise in MRPL comes on the back of the surge in crude oil prices.
Mangalore Refinery and Petrochemicals Limited is engaged in refining of crude oil. The Company is involved in the production of liquid or gaseous fuels, illuminating oils, lubricating oils or greases or other products from crude petroleum.
Going ahead analysts expect the volatility in the markets to remain in the near term. The market movement will be increasingly influenced by the FY23 Q1 results expected from the second week of July onwards, they added.