GE T&D, Motilal Oswal Financial Services and Jyoti CNC Automation are the top three gainers from NIFTY500 in 2024

Indian equity market recovered from the level of 23,300 after the landslide victory of the BJP-led Mahayuti alliance in Maharashtra state elections. This provided a sense of relief among the market participants after a mismatch in the Lok Sabha election outcome and exit polls. For the calendar year 2024, SENSEX and NIFTY50 delivered stable gains. On the YTD basis, SENSEX rose 13.35%, while the NIFTY50 climbed 13.71%. Coming to the constituents, 36 of NIFTY 50 stocks generated positive returns on a YTD basis.

The NIFTY Mid-cap 100 surged 26.67%, whereas the NIFTY Small-cap 100 index soared 27.79%. The NIFTY 500 index covers a large number of stocks and has delivered 19.85% returns on a year-to-date basis. Among the 500 constituents of the index, 382 have managed to deliver positive gains on a YTD basis.

Analysing further, we found that 30 stocks from the index have given YTD returns of more than 100%, and 2 stocks have shown impressive returns tripling their stock price since January 1st 2024, logging more than 200% returns. Let's have a look at companies top three companies.

Ge Vernova T&D India Ltd - YTD Returns (266.13%)

In Q2 FY25 the company reported a revenue of ₹1,108 crore, marking a substantial 58.73% year-on-year growth, while net profit experienced a remarkable increase of 3.9 times year-on-year. In September 2024, two promoter entities of the company - Grid Equipments Private and GE Grid Alliance cumulatively sold 15.6% of the equity through an Offer For Sale route at Rs 1,480 per share. The promoter holding has declined to 59% from 75%.

The company's working capital requirements have reduced from 38.4 days to 30.1 days and the company is expected to have a good quarter. With a robust Return on Capital Employed (ROCE) of 23.1%, the stock enjoyed an impressive gain of 266.13% on a YTD basis.

Despite these impressive returns, the stock's price-to-earnings (PE) ratio is at 127, while the industry average PE stands at 64, reflecting optimism in the market regarding its future growth.

Motilal Oswal Financial Services Ltd - YTD Returns(213.88%)

In Q2 FY25, the company reported a revenue of ₹2,838 crore, marking a substantial 71.11% year-on-year growth, while net profit experienced a remarkable increase of 2.1 times year-on-year. The shareholding pattern remained the same, with a few minor changes in the recent quarter. Crisil and IndiaRating upgraded their outlook from AA Stable to AA Positive in Q2.

The company has delivered good profit growth of 52.7% CAGR over the last five years and has a good return on equity (ROE) track record: 3 Years ROE 25.3% Company's median sales growth is 39.9% of the last ten years. Concluding from the TTM numbers, the company is expected to give a good quarter. The company's stock has delivered YTD returns of 213.88%.

The stock has shown impressive performance in 2024. The stock's price-to-earnings (PE) ratio is at 17.5, while the industry average PE stands at 17, showing that the company is well placed with the industry in the context of valuation.

Jyoti CNC Automation Ltd -YTD Returns (190.35%)

In the most recent quarter (September 2024), the company reported a revenue of ₹431 crore, marking a substantial 42% year-on-year growth, while net profit experienced a remarkable increase of 4.4 times year-on-year. There were notable shifts in the shareholding structure, with Domestic Institutional Investors (DIIs) boosting their stake from 6.54% in June 2024 to 10.99% in September 2024. Foreign Institutional Investors (FIIs) also raised their ownership from 4.91% in June 2024 to 5.81% in September 2024.

The company has seen a significant improvement in debtor days, decreasing from 149 days in March 2021 to 68 days in March 2024. With a robust Return on Capital Employed (ROCE) of 21%, the stock enjoyed an impressive gain of 30.86% on its listing day.

Shareholders who participated in the IPO are currently enjoying a phenomenal return of 281%. Despite these impressive returns, the stock's price-to-earnings (PE) ratio is at 105, while the industry average PE stands at 44, reflecting optimism in the market regarding its future growth.