hpl power stock price: up to 458% return in FY24 year to date, with 7 capital goods stocks currently trading at discounts to 52-week highs

The average return of the 27 stocks included in the S&P BSE Capital Goods index is almost three times higher than the return offered by S&P BSE Sensex in FY24 so far. Seven of these stocks have posted multibagger returns of up to 458% during this period, but are trading at nearly a 30% discount to their 52-week highs.

So far in FY24, the return of S&P BSE Capital Goods index was 64%, while that of S&P BSE Sensex was 23%.

Smallcap counter Transformers & Rectifiers (India) tops the charts with a return of 458% so far in FY24. It was traded at a 19% discount to its 52-week high. Established in 1994, Transformers & Rectifiers manufactures a wide range of Transformers that meet the quality expectations of both domestic and international markets. Ace investor Madhuri Madhusudhan Kela holds a 3.91% stake in Counter. The stock rose 38% this quarter, with its highest returns coming in the June 2023 quarter, when the stock rose 73%.

The rest are Shilchar Technologies (381%), Advait Infratech (330%), HPL Electric & Power (244%), Bharat Heavy Electricals (BHEL, 221%), Sanghvi Movers (188%) and Action Construction Equipment (166%). . .

For Shilchar Technologies, the return for the fourth quarter of 2024 so far was 43.45%, with the September quarter recording the highest return at 67.13%.

Advait has achieved a 101% return so far this quarter, its highest return in the last four quarters.

Over the last four quarters, HPL Electric’s highest return was 63.96% in the September quarter, with returns reaching 16% for the three months to date.

State-owned BHEL posted a return of 16 per cent in the current quarter, but its highest return in FY24 was 49.33 per cent in the September quarter.

Sanghvi Movers Q4FY24 return so far was 23% with maximum return of 41.41% in September quarter.

Action Construction’s fourth quarter return was 30.63%, with the highest return of 40.55% reported in the September quarter.

Nilesh Jain, Vice President (AVP), Equity Research Technology and Derivatives, Centrum Broking, remains positive on BHEL with a target of Rs 260+. The stock is on an upward trend and has support at Rs 220 to 50 dma, he added.

Analyst Aamar Deo Singh, senior vice-president, assets, commodities and currencies at Angel One, said BHEL appears to have hit a near-term high with its stock down more than 12 per cent in the week so far. He added that the stock has strong support around Rs 180-200, which could provide a good buying opportunity, while resistance is seen around Rs 250-260.

He cautions against overall market sentiment being dampened by profit booking mixed with global and domestic trends.

(With inputs from Ritesh Presswala)

(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own and do not represent the views of The Economic Times.)