FY24 Review: Tata Motors, Bajaj Auto, among D-Street’s top 10 best-performing largecaps this fiscal; check full list

Equity investors became richer by ₹128.77 lakh crore in FY24, driven by increased investment inflows, resilient economy, and promising corporate earnings. On the last trading day of the 2023-24 fiscal, the 30-share BSE benchmark jumped 655.04 points or 0.90 per cent to settle at 73,651.35.

Also Read: Nifty 50 to Sensex: Why Indian stock market outshined gold returns in FY24? Explained with 5 crucial factors

D-Street leaders with highest mcap

Mirroring bullish investors’ sentiment, the market capitalisation (mcap) of BSE-listed companies soared by ₹1,28,77,203.77 crore to ₹3,86,97,099.77 crore in FY24. The mcap of BSE-listed firms hit an all-time peak of ₹394 lakh crore on March 2 this year. Reliance Industries Ltd (RIL), on February 13 this year, became the first Indian company to achieve an mcap of ₹20 lakh crore. 

RIL is the most valued domestic firm by market valuation with a mcap of ₹20,14,010.63 crore, followed by Tata Consultancy Services (TCS) at ₹14,05,102.38 crore, HDFC Bank at ₹11,00,184.60 crore, ICICI Bank at ₹7,69,472.43 crore and Bharti Airtel at ₹6,99,081.86 crore in the top five order.

However, Dalal Street’s top 10 best-performing largecap stocks of FY24 witnessed a surge of 110-270 per cent in their market value during the fiscal. These largecaps include Zomato, Adani Power, Tata Motors, among others. Here are D-Street’s top 10 best-performing largecap stocks of FY24 with their mcap growth in the last 12 months:

Top 10 best-performing largecaps of FY24:
1.Zomato

The online food-delivery giant has emerged as the best-performing largecap of FY24 with a growth of 261.86 per cent in market value and commands an mcap of ₹1,60,828.76 crore as of March 28, 2024. Zomato’s net profit stood at ₹139 crore and revenue rose 69 per cent year-on-year in the third quarter of FY24.

2.Tata Motors-DVR

Tata Motors-DVR has emerged as the second best-performing largecap of FY24 with a growth of 209.79 per cent and commands an mcap of ₹33,459.49 crore as of March 28, 2024. In December, BSE and NSE granted Tata Motors a ‘no objection’ to the cancellation of Tata Motors DVR shares.

3.Adani Power

The Adani Group’s power major is the third best-performing largecap of FY24 with a growth of 180.08 per cent in market value. The mcap stands at ₹2,05,844.83 crore as of March 28, 2024. Adani Power’s net profit soared multi fold to ₹2,738 crore in the third quarter of current fiscal.

4.Punjab National Bank

The state-owned bank has emerged as the fourth best-performing largecap of FY24 with an mcap growth of 162.78 per cent at ₹1,36,921.98 crore as of March 28, 2024. The PSU stock is up 176.5 per cent in one year compared to a 30.72 per cent jump in Nifty and 18.2 per cent jump in Nifty Bank.

DLF is the fifth best-performing largecap of FY24 with a growth of 148.38 per cent in market value. The mcap stands at ₹2,22,357.25 crore as of March 28, 2024. The real estate major is recently said that it is raising ₹600 crore through issue of non-convertible debentures (NCDs) to investors.

Hindustan Aeronautics Ltd (HAL) witnessed a growth of 145.38 per cent in market value and the mcap stands at ₹2,22,518.16 crore. Recently, the first aircraft LA5033 of the Tejas Mk1A series successfully soared after taking off from the HAL’s facility in Bengaluru.

7.Tata Motors

The Tata Group stock is among the best-performing largecaps and saw a growth of 139.60 per cent in market value. The mcap stands at ₹3,63,506.77 crore as of March 28, 2024. The stock rose over 132 per cent during the fiscal. The company’s luxury arm, Jaguar and Land Rover, and its strong presence in the electric vehicle space have been the major drivers for the company.

8.Bajaj Auto

The Bajaj Group major witnessed a growth of 129.15 per cent in market value this fiscal and the mcap stands at ₹2,58,965.06 crore as of March 28, 2024. The company’s mega ₹10,000-crore buyback lifted sentiment for the stock. The premiumisation trend in the 350+ cc two-wheeler segment attracted investors.

9.Adani Green

The Adani Group’s renewable energy arm saw a healthy growth of 118.88 per cent in market value and the mcap stands at ₹2,90,503.64 crore as of March 28, 2024. The company’s net profit soared 149 per cent and revenue rose 40 per cent in the third quarter of current fiscal.

10.HDFC Asset Management Company (AMC)

HDFC AMC is the tenth best-performing largecap of FY24. The company logged growth of 117.04 per cent in market value and the mcap stands at ₹80123.75 crore as of March 28, 2024. The fund house reported improved performance on better margins and assets under management (AUMs) in the last quarter.

Also Read: Corporates likely to report 15% EPS growth in FY25; Steel sector to outshine, IT boasts high valuations

Outlook for FY25

Market experts noted that for financial markets, FY25 is expected to be a year of mega events with 1) elections to be held in India as well as in key developed economies, 2) clarity on interest rates and 3) inclusion of India in global bond indices. 

India is a preferred destination for foreign flows due to the positive economic growth outlook, impetus on manufacturing sector in the economy and robust structural reforms undertaken, according to market analysts.

‘’Currently, we prefer large caps due to better risk reward to investors, thanks to attractive valuations and strong earning potential. Key risks to watch are on protectionist trade policies and economic implications from geopolitical conflicts,” said Sanjay Bembalkar, CFA, Co-Head Equities at Union Mutual Fund.

Analysts say that the key thing to watch out for now on the Nifty index is whether or not we have a closing above 22,400 on Monday after the long weekend. Rahul Ghose, CEO, Hedged.in said, ‘’The current daily candle is not very comforting but may just be as a result of expiry-related adjustments. If we see a closing above 22,400 on Monday or if we see prices close above 22,500 next week, the up move will remain and we can expect 22,900 on the index”.

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

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Published: 29 Mar 2024, 07:17 PM IST