NEW DELHI: A total of 27 midcap scrips gave investors 50 per cent or more returns in calendar 2021, with six midcaps more than doubling investor money in the eventful year, according to data compiled from corporate database AceEquity.
The targets of most top midcap performers, however, suggested their prices have rallied quite a bit, ahead of fundamentals.
According to the data, JSW Energy topped the midcap chart with a 329 per cent rally. Nine out of 10 analysts tracking this stock have a sell rating on the stock, with a median target of Rs 138.92, suggesting a 53 per cent downside.
IRCTC, down 36 per cent from its record high of Rs 1,278.60, was still up 183 per cent for the year. This stock has a median target of Rs 741.80 that suggested a 11 per cent potential downside.
Tata Power Company has climbed 180 per cent in 2021. This stock has a median target of Rs 185.35, which suggested a 14 per cent potential downside. Similar was the case with Mindtree, which has rallied 167 per cent this year and its 12-month median target of Rs 4,046.28 by 35 analysts suggested a 10 per cent downside.
Standard Chartered Wealth India said 2021’s strong outperformance of midcap and smallcap equities has taken their relative valuations vis-a-vis largecaps close to historic highs. It said earnings growth for largecaps and, more importantly, their positive EPS revisions would continue and outpace those of midcap and smallcap equities.
and Apollo Hospitals were the two midcap multibaggers of 2021 where consensus still showed some upside. For Mphasis, the median target suggested a 9 per cent potential upside. Apollo Hospitals has a consensus buy with a target of Rs 5,395.74, which suggested a 13 per cent upside.
The 106-stock BSE Midcap delivered 33 per cent return in 2021. Adani Power, SRF and ABB India were three midcaps that have gained 80-100 per cent in 2021.
Some 18 stocks, including Oil India, Torrent Power, Gujarat Gas, Bharat Electronics, Bajaj Holdings & Investment and ICICI Securities, have jumped 50-70 per cent.
Aditya Birla Fashion and Retail, BHEL, Gland Pharma, Astral Cummins India, Zee Entertainment, The Indian Hotels Company, CRISIL and Motilal Oswal Financial Services were some of the other midcaps that delivered strong returns for the year.