Tata Investment Corporation Ltd, Vodafone Idea Ltd and NLC India Ltd has emerged as top gainers from the Nifty Midcap 150 index in September, delivering 26-30 per cent return in a challenging month.
They were followed by stocks such as Hindustan Petroleum Corporation Ltd (HPCL), Muthoot Finance Ltd, Rail Vikas Nigam Ltd (RVNL), L&T Finance Ltd and Bharat Heavy Electricals Ltd (BHEL). Stocks such as Coforge Ltd, Hexaware Technologies Ltd and Kalyan Jewellers India Ltd delivered double-digit negative return during the same period.
The Nifty Midcap 150 Index, which represents just over 16.45 per cent of the free float market capitalization of the stocks listed on NSE, is up a mere 1.5 per cent for the month. Tata Investment rallied 29 per cent to Rs 8,843 apiece from Rs 6,815.50 per share, amid optimism over the forthcoming Tata Capital IPO, and the stock split announced by the company. Tata Investment Corporation held 2.1 per cent stake in Tata Capital, whose IPO will kick off on October 6. Tata Sons, which held 68.51 per cent stake in Tata Investment Corporation, also owned 88.6 per cent stake in Tata Capital, and would be among the two selling shareholders. The company board has also announced a stock split in the ratio of 1:10.
Vodafone Idea is up 27 per cent amid SC hearings in the AGR plea matter. Citi suggested a price target of Rs 10 on the stock, saying chances of a potential relief for the company have increased. JM Financial in a note earlier this month maintained ‘Hold’ on the VIL stock with an unchanged target price of Rs 9.
In the case of NLC India, the stock is up 27 per cent for the month. With the recent upside, Axis Securities said the stock has registered a decisive breakout above the down-sloping trendline resistance at Rs 249 on the weekly chart, signalling the onset of a medium-term uptrend. “A close above the weekly upper Bollinger Band has further generated a fresh buy signal, it said adding that the stock is holding firm above the 61.8 per cent Fibonacci retracement of the Rs 186-269 rally at Rs 218, establishing a solid medium-term support base,” it said.
HPCL, Muthoot Finance Ltd, RVNL, L&T Finance Ltd, BHEL, Ashok Leyland Ltd, KPR. Mill Ltd and
NHPC Ltd are among 13 other stocks delivering over 10 per cent returns each.
Kalyan Jewellers India Ltd emerged as the worst performer, falling 11 per cent. Coforge Ltd and
Hexaware Technologies Ltd have also dropped 10 per cent each during the same period.
Hexaware’s recent correction was due to soft Q2CY25 results and commentary. ” We believe Coforge’s strong executable order book and resilient client spending across verticals bode well for its organic business. Cross-selling opportunities in Cigniti remain highly synergistic for the company. We value Coforge at 38x FY27E EPS with a target of Rs 2,240, implying a 29 per cent potential upside. We reiterate our BUY rating on the stock,” MOFSL said on Coforge.
ICICI Securities said it is maintaining its positive stance on the Kalyan stock and believes it may continue to outperform peers on the back of aggressive store expansion through its asset-light FOCO model, adding growth levers from omni-channel format Candere, improving balance sheet health through further debt reduction of INR 3.5-4.0bn in FY26.
:With steady demand trends despite elevated gold prices, coupled with an accelerating store rollout, we expect Kalyan’s revenue momentum to remain strong going ahead,” it said.