Market is creating wealth amid all kinds of doubts over rally!
Published On: Wednesday, June 24, 2020 | By: Team KnowMyStock
Amid all kinds of doubts over the ongoing stocks rally in India and the world over, the market is creating wealth! The rapid rise in domestic equities from their March lows has not only helped investors recover much of their losses, but also created big wealth for some, with several stocks doubling prices in just three months. Data showed 95 percent of BSE500 stocks from across sectors have delivered positive returns since March 24, when the ben benchmark BSE Sensex had hit its 52-week low. With a 202 percent rally, TV18 Broadcast emerged chart-topper among the 32 BSE500 stocks that doubled money from their March lows. The stock rose to Rs 37.50 on June 19 from Rs 12.40 on March 24. Others on the list included Hathway Cable & Datacom (up 200 percent), Reliance Power (up 199 percent) and Adani Green Energy (up 198 percent).
Better-than-expected financial results, company-specific reasons and robust liquidity in the market lifted these stocks. Media firm TV18 Broadcast reported a five-fold rise in consolidated net profit for March quarter at Rs 141.83 crore. Adani Green Energy posted a consolidated net profit of Rs 55.64 crore for Q4FY20, helped by lower expenses, against a consolidated net loss of Rs 94.08 crore reported for the corresponding quarter a year ago.
The BSE Sensex is up 36 per cent at 34,909 during this period, while the BSE500 index has gained 37 per cent. Their Wall Street peers Dow Jones Industrial Average, S&P500 and Nasdaq have advanced up to 50 per cent from their March lows.
Among other big gainers, Reliance Infrastructure, Network18 Media, Vodafone Idea, Jain Irrigation, Jubilant Life Sciences, Intellect Design Arena, EID Parry, Dhanuka Agritech and Aurobindo Pharma have gained anywhere between 140 per cent and 180 per cent.
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