After a dismal 2008, this year so far has favoured the bulls. The markets have rallied smartly, more so from April onwards as hopes of economic recovery coupled with better-than-expected corporate earnings and thumping win by the UPA government in the general election boosted investor sentiment.
Last year, the benchmark BSE index - the Sensex - had tumbled over 52% (10,640 points) to 20,287. Similarly, the Mid-cap index had shed 67% (6,554 points) to 9,789. The fall had been more severe in mid-cap index and their stocks. Following a similar pattern, the recovery too has been sharper in mid-caps.
This year, the Sensex has surged 63% (6,123 points) at 15,770 as of August 26, 2009. The Mid-cap index has soared nearly 80% (2,565 points) at 5,800 on Wednesday. A smart out-performance by 17%.
A look at the 220 companies under the BSE Mid-cap index shows a pleasing picture, with just eight odd losers so far. On the gaining front, some of the stocks have gained as significantly as 400%.
Among the mid-cap stocks - Hindustan Oil Exploration (HOEC) was the biggest gainer among the Midcap indices. The stock zoomed 416% in this year so far. The company received petroleum exploration licence under NELP VII for two oil blocks by the Government of Rajasthan.
Aurobindo Pharmaceuticals surged 326%. The company received more than 11 nods from companies for the manufacture of drugs. The company also reported a 916% rise in consolidated net profit at Rs 166.6 crore during the first quarter of the current financial year.
Tech Mahindra soared 272% buoyed by its success in the race for acquiring majority stake in the Hyderabad-based IT firm Satyam Computer.
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| TOP TEN MID-CAP GAINERS | |||
| Company name | 31-Dec | 26-Aug | % Chg |
| Hindustan Oil Explor | 66 | 339 | 416 |
| Aurobindo Pharma | 168 | 715 | 326 |
| Tech Mahindra | 248 | 921 | 272 |
| MphasiS | 156 | 572 | 266 |
| Peninsula Land | 24 | 88 | 261 |
| Patni Computer | 129 | 453 | 252 |
| Bhushan Steel | 315 | 1081 | 243 |
| Shree Cement | 460 | 1557 | 238 |
| Nava Bharat Ventures | 125 | 413 | 231 |
| BEML | 336 | 1075 | 220 |
| (Source - BS Research Bureau) | |||
MphasiS, Peninsula Land, Patni Computer, Bhushan Steel, Shree Cement, Nava Bharat Ventures, BEML, JSW Steel, Torren Power, BGR Energy Systems, Financial Technology, Kalpataru Power Trans and KEC International advanced 200-265%.
LIC Housing Finance, Jai Corp, Lanco Infratech, Indiainfoline, Indusind Bank, Bharat Forge and Parsvnath Developers were some of the prominent stocks who rallied in the range of 150-200% each.
Aban Offshore, Balrampur Chini, Gujarat NRE Coke, Opto Circuits, Indiabulls Realestae, Biocon, Corpoartion Bank, Ispat Industries, Essar Shipping, Videocon, Spice Communication and Punj Lloyd moved in the gap of 75-130% each.
The other notable gainers include GNFC, Lupin, Novartis, Indraprastha Gas, Wockhardt, Tata Tele, Thomas Cook, Piramal Healthcare, Moser Baer, Shipping Corporation, Tata Tea, Andhra Bank, Colgate, India Cements, Titan and Jet Airways.
However, there are few stocks which have missed on the mid-cap rally. Glenmark Pharmaceuticals is one of the most prominent stock, down 26%. The stock posted a decline of 54% in its net profit on forex losses and higher interest cost. The company was also facing a lawsuit in a US District Court for a patent infringement case of an anti-malaria product. Another setback received was when Glenmark's flagship drug under development, Oglemilast was declared to have failed in clinical trials.
The other laggards were Koutons Retail, Ackruti City, Sterling Biotech, Mahindra & Mahindra Financial Services, Indian Bank and EIH, down 4-24%.