11 Nifty 500 stocks rose 10-40% this week; ITI tops list
The Indian stocks experienced another week of volatility, owing to pressures from the Israel-Hamas war, weak earnings from the major IT companies, hotter-than-expected US consumer inflation data, and a surge in crude oil prices, all of which weighed on investor sentiment.
Despite the market being volatile, 12 Nifty 500 stocks recorded gains of up to 40% this week, with some registering fresh all-time highs.
ITI Ltd, the country’s premier telecom company and multi-unit central public sector undertaking led the Nifty 500 index gainers, achieving a stellar gain of 40% this week. During Friday’s intraday trading, its shares soared by 20% to establish a new all-time high at ₹271 apiece.
The stock’s remarkable rally caught the attention of the Bombay Stock Exchange (BSE), prompting it to seek clarification from the company on October 10.
The company replied on the same day that it had no positive information or any other material information to disclose that could impact trading activity or volume behavior.
Earlier in September, the company said it had developed a branded laptop and micro-PC under the brand name ‘SMAASH’. These products were designed in collaboration with Intel Corporation. The stock reacted positively to this development, leading to a stellar rise of 68% in September alone.
MMTC was the second top gainer in the Nifty 500 index this week. Extending their winning streak for the fifth consecutive trading session on Friday, the shares registered a new 52-week high of ₹80 apiece. The stock finished this week with a gain of 27.6%.
MMTC is a public sector undertaking engaged in the business of exporting and importing precious metals, non-ferrous metals, fertilisers, agro-products, coal, and hydrocarbons.
Nippon Life India Asset Management was another significant mover this week, with its stock climbing from ₹334 apiece to ₹394.30, reflecting an 18% increase. After hitting a three-year low in March 2023, the stock bounced back strongly in the following months. Between April and September, the stock rallied by 56.5%.
Phoenix Mills was another standout performer, with its shares rising from ₹1,801 to ₹2,014, resulting in a 12% gain this week. The stock recorded a new historic high of ₹2,060 during Friday’s trade, continuing its upward trend following a positive business update for the July–September quarter.
Other notable performers this week include Godrej Industries, Mahindra Holidays & Resorts India, Welspun Corp, Hitachi Energy India, BSE Ltd., PCBL, and Century Textiles & Industries, which delivered positive returns ranging between 10% and 14%.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
“Exciting news! Mint is now on WhatsApp Channels ???? Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!
Download The Mint News App to get Daily Market Updates.
Updated: 13 Oct 2023, 07:16 PM IST
