Triple Digit Returns! 15 Public Sector Stocks That Gave Up To 250% Returns This Year

2023 turned out to be a good year for India¡¯s stock market investors, with both Nifty and Sensex surging to newer all-time high marks multiple times this year, as recently as last week when they breached 21500 and 71000 milestones respectively.

And amidst the soaring Indian stock market this year, many public sector stocks have surged high too, giving multi-bagger returns in the range of around 100%-250%. Yes, you read that right.

Let¡¯s take a look at the stocks that have turned star performers within the public sector space in 2023.

15 Public Sector Stocks That Gave Triple Digit Returns This Year

shutterstock

1. REC Ltd

rec

248.5% up this year to date

2. Power Finance Corp

227.39% up this year to date

3. Indian Railway Finance Corp

196.05% up this year to date

4. NLC India

csr

191.29% up this year to date

5. Mazagon Dock Shipbuilders

190.55% up this year to date

6. ITI

185.71% up this year to date

7. IRCON International

186.83% up this year to date

8. SJVN

161.34% up this year to date

9. Rail Vikas Nigam

Rail Vikas Nigam

160.98% up this year to date

10. Cochin Shipyard

159.27% up this year to date

11. Bharat Heavy Electricals

128.32% up this year to date

12. Mangalore Refinery & Petrochemicals

124.78% up this year to date

13. Hindustan Aeronautics

indiatv

121.96% up this year to date

14. HUDCO

96.92% up this year to date

15. NBCC (India)

93.34% up this year to date

(source: NSE and BSE trading data as of December 26, 2023)

Also Read: How A Science Genius Lost Millions In The Stock Market

Why PSU Stocks Surged This Year?

web screengrab

PSU stocks indeed ran a marathon this year as they were rejuvenated by the government¡¯s capex pill. The fiscal policy statement earlier this year highlighted the total expenditure for all PSUs was increased to Rs. 45.03 lakh crore for FY 2023-24; which marks an increase of 7.5% vs the amount set aside for the previous FY 2022-23.

Such was the impact of this pill that at least 13 PSU stocks turned into multi-baggers in 2023, giving returns of up to approximately 250%. Further, about 27 PSU stocks hit fresh lifetime highs this year, with 19 of them achieving it in December alone. In the above-mentioned list, we have noted 15 PSU stocks that gave returns roughly in the range of 90%-250% this year to date.

On a year-to-date basis, the S&P BSE PSU index has surged more than 50% and scaled a lifetime high of 15,531 last week. Meanwhile, Sensex and Nifty50 have surged over 16% returns this year to date.

A significant chunk of the gains in PSU stocks came in December after the strong victory for the Bharatiya Janata Party (BJP) in the state assembly elections of Chhattisgarh, Madhya Pradesh, and Rajasthan, as per ET report.

Capital spending by the government so far in the current fiscal year has grown by about 34% on year, against the budgeted estimate of a 36% growth for the full year. Also, recently, the power ministry raised its thermal capex target to 50-55GW, from 30 GW amid the rising power demand and the inability of renewable energy alone to meet the power supply. Within the infrastructure space, rail-related companies had a stupendous run, buoyed by the strong spending of the government across rail and metro projects.

Also Read: How The Stock Market Crash Of 1929 Led To World War II

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here.