May 31, 2024 03:48 PM IST
3 stocks, accompanied by ‘Modi stocks,’ rose the most this election season
Hindustan Zinc Ltd (HZL), Hindustan Aeronautics Ltd (HAL) and State Bank of India (SBI) are among stocks that beat some of the most-valued stocks on Dalal Street in the ongoing Lok Sabha elections, Business Today reported.
HZL rallied 76 per cent since April 19, adding roughly Rs.1.3 lakh crore to its market cap, as per data compiled from corporate database AceEquity.
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Also Read | PSU stocks create ₹7 lakh crore wealth in election season. Will this continue?
Hindustan Aeronautics shares climbed 37 per cent in the elections season, adding Rs.91,860 crore to its market cap, according to Business Today.
The current order book will keep HAL’s manufacturing lines occupied till 2032, Arihant Capital told Business Today. Nomura India echoed similar sentiments, additionally citing IAF’s fleet management, and HAL’s venture into maintenance, repair and overhaul (MRO) of commercial aircraft by partnering with Airbus, which is potentially margin accretive and could provide long-term growth.
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SBI gained 10.5 per cent in the election season and added ₹69,745.84 crore to its market capitalisation. India’s largest PSU bank has 28 ‘strong buy’ calls but at an average target price of ₹885, according to Business Today.
However, Bernstein recently downgraded SBI to ‘Market-Perform’ as it feels growth may be limited as the market has already responded to the bank’s new-found willingness to raise capital, according to the Business Today article.
Additionally, stocks of companies such as Reliance Industries (RIL), Bharti Airtel, Indus Towers, and select public sector undertakings like ONGC, Indraprastha Gas Limited (IGL), and NHPC, which analysts at investment group CLSA have termed as ‘Modi stocks’ in a report, outperformed the Nifty50 in the last six months, rising over 50 per cent against the Nifty’s 14 per cent rise, according to a Business Standard article.
Also Read | These ‘Modi stocks’ may benefit from BJP win in Lok Sabha elections, CLSA says
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