The stock markets witnessed robust momentum this week with the Nifty reaching new record highs. While the benchmark index itself rose over 2%, some individual stocks have rallied by as much as 20-37% over the past 5 trading sessions (8 Jan, 2024 – 12 Jan, 2024). Let’s look at these week’s top gainers.
Media Stocks Steal the Show
Driving overall markets higher were media and entertainment shares based on improved outlook. Network18 and TV18 Broadcast led the pack with 37.6% and 22.3% upside respectively in a span of just one week!
Strong operating performance and diversified revenue mix across entertainment, news and digital segments drove the uptick. Analysts believe the growth momentum will continue in 2024 based on strong advertising revenues.
Network18 which owns a suite of national news and regional entertainment channels closed Friday at ₹124. This is a neat 37% premium over last week’s close of ₹90 per share.
Similarly, TV18 Broadcast which operates channels like Colors, CNBC TV18 and CNN News18 also posted 22% returns in 5 days to end this week at ₹65.
Textile Stocks Regain Their Style
Joining the party with fabulous returns in the 20-27% range this week were textile stocks – Alok Industries and Trident.
Alok Industries which manufactures cotton yarn, garments and polyester, has been on an uptrend due to higher utilizations and gross margins. The company closed Friday at ₹34.75 per share, up 27% over the previous week.
Trident Ltd which is into terry towels, bedsheets and paper businesses has also posted strong quarterly growth. Its stock zoomed 24% this week to end at ₹47.60 on Friday based on robust volume growth and operating leverage.
Read More: Reliance Invests ₹3,300 Crore in Alok Industries, Triggering Trading Frenzy in Textiles Company
Autoparts Maker Olectra Charges Ahead
Auto components maker Olectra Greentech which makes electric buses, finished the week nearly 25% higher. Its stock price raced from ₹1,349 last week to end Friday at ₹1,687 per share.
What fueled the rally is a recently received order of 100 electric buses from the Assam State Transport Corporation. Analysts expect the company to see strong growth in order book and revenues going forward.
Aqua Food Stock Avanti Feeds Continues to Leap
Riding on strong Q3 results and bullish sector outlook, shrimp producer Avanti Feeds saw its stock climb nearly 23% in the past 5 trading days.
Avanti’s revenues, operating profit and margins came ahead of estimates driven by better realizations and high capacity utilization. The company’s stock ended Friday nearly 22.6% higher at ₹541 compared to ₹445 last week.
Online Travel Aggregator Flies High
News of global expansion plans by airline booking portal EaseMyTrip led to its stock price soaring 21.5% over the last week.
The company is reportedly foraying into the Philippines, Thailand, Vietnam and Egypt travel markets shortly. This would significantly boost bookings and revenue growth ahead. The stock ended Friday at ₹49.65 versus ₹41 last week.
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Financial Services Firms Motilal Oswal and Infibeam Avenues Make Merry
Shares of financial services providers Motilal Oswal Financial Services and Infibeam Avenues gained between 18-21% over the last 5 trading days.
Motilal Oswal which provides stock broking and wealth management services posted strong results for the December 2023 quarter earlier this week. The numbers came ahead of estimates which led the stock to rally 21% this week to ₹1,547 per share.
Infibeam Avenues operates payment gateway and other Fintech platforms for e-commerce companies. Its stock rode the wave of increased digital transactions in India to give 18% returns this week, ending Friday at ₹27.
Refinery Stock MRPL Races Ahead on Strong Margins
Better than expected gross refining margins reported by state-owned refiner MRPL led to an 18.7% stock price surge this week.
Increased diesel cracks offset lower petrol cracks allowing the company’s Singapore complex margin to rise to new highs of $25 per barrel in Q3 FY23. The stock closed the week at ₹159.
So Which Stocks Should You Track Next Week?
Some of the key influences to watch out for this week include Q3 corporate results from heavyweights like TCS, Wipro, HCL Tech and HDFC Bank. Global cues around US inflation data and Fed rate hikes will also be monitored.
In terms of best performing stocks last week with strong outlook, keep Network18, Alok Industries, Avanti Feeds and Infibeam Avenues on the radar. Auto stocks may also stay in focus based on December auto sales numbers expected next week.
With markets showing steady momentum since the start of 2024, savvy investors should keep a close eye on stock-specific action. Identifying and grabbing the potential winners early as they breakout can deliver solid returns to your portfolio!