Independence Day 2024: Oil India, IRFC, Trent Shine as Mid-Cap Stars with Over 54% Index Surge

On Independence Day 2024, five companies have emerged as the top gainers in the mid-cap category over the past year. These companies are Oil India, Indian Railway Finance Corporation Ltd (IRFC), Trent Ltd, Bharat Heavy Electricals Ltd (BHEL), and Oracle Financial Services Software Ltd.

Mid-Cap Index

The S&P BSE Mid Cap Index has experienced a significant rise, gaining more than 53% in the last year. This growth reflects strong investor confidence and a supportive economic environment in the country. As the economy continues to grow, many businesses have seen their fortunes turn around, leading to substantial gains in their share prices.

Oil India Leads

Oil India Ltd, an upstream oil producer, has been the standout performer among these companies. The company’s share price has surged by approximately 257% over the past year, providing multibagger returns to investors. The impressive growth is attributed to rising production levels, expansions at its Numaligarh refinery, and an increase in the prices of domestically produced gas.

IRFC and Trent

IRFC has also seen remarkable growth, with its share price increasing by around 251%. This strong performance makes it one of the top mid-cap gainers alongside Oil India. Another notable performer is Trent Ltd, which has seen its share price rise by about 233% over the last year.

Analysts Optimistic

Analysts are optimistic about Trent’s future, pointing to the company’s strong performance in the first quarter, aggressive expansion of its store network, and the positive impact of lower raw material costs. Motilal Oswal Financial Services (MOFSL) analysts estimate a compound annual growth rate (CAGR) of 41% in revenue and 52% in net profit for Trent over the FY24-26 period.

BHEL and Oracle Financial

Bharat Heavy Electricals Ltd (BHEL) has also posted significant gains, with its share price increasing by 185%. The growth in BHEL’s share price has been driven by the rise in economic activity, strong demand for power in the country, government capital expenditure initiatives, and increased spending by the railways.

Oracle Financial Services Software Ltd has made it to the list of top five mid-cap gainers with a share price increase of around 166%. The company’s strong performance over the past year has solidified its position as one of the best-performing mid-cap stocks in the market.

Conclusion

Overall, these companies have demonstrated exceptional growth, outperforming the S&P BSE Mid Cap Index and delivering substantial returns to their investors over the past year.