As many as 26 firms on the BSE regained or crossed the Rs 1 lakh crore market capitalisation mark in the ongoing calendar year, when the benchmark equity index BSE Sensex advanced nearly 10% year-to-date till December 19, 2024.
On the other hand, the BSE Midcap and BSE Smallcap climbed 29% and 32%, respectively, during the same period. Analysts believe that a couple of stocks will continue their momentum in 2025 too.
Vedanta topped the chart in terms of market value. The market capitalisation of the company jumped to Rs 1.92 lakh crore on December 19, 2024, from Rs 96,089 crore on December 29, 2023. Earlier, the billionaire Anil Agarwal-led company was hovering above Rs 1 lakh crore market capitalisation in April 2022.
Vedanta operates across multiple sectors, including zinc, lead, silver, copper, aluminium, iron ore, and oil & gas, with a strong presence in India and international markets like South Africa, Namibia, Ireland, Liberia, UAE, South Korea, and Taiwan.
The company’s portfolio extends to commercial power generation, steel manufacturing, port operations, and glass substrate production. Shares of the company surged 90% YTD to Rs 492.20 till December 19, 2024. Equirus Wealth is bullish on Vedanta with a target price of Rs 560 (by March 2026).
“Vedanta is set for growth through vertical integration & capacity expansion in aluminium to drive volume growth and EBITDA. It focuses on scaling capacities and maintaining cost leadership in zinc, while robust production goals, enhanced recovery, and a favourable contract mix to boost O&G’s EBITDA. Planned cash flows support dividend payouts, parent debt reduction, and balance sheet deleveraging. The strategic demerger into six sector-focused entities further aims to unlock value and drive sustainable growth across its diversified portfolio,” Equirus Wealth said in a report.
ABB India is next on the list. Market valuation of the company jumped 57% YTD so far to Rs 1.56 lakh crore on December 19 from Rs 99,045 crore on December 19, 2023.
With a rise of more than 48%, Macrotech Developers’ market valuation also jumped to Rs 1.47 lakh crore from Rs 98,950 crore during the same period. Antique Stock Broking recently upgraded the target price for Macrotech Developers to Rs 1,851 (from Rs 1,413 earlier). “On the residential front, we believe LODHA (Macrotech Developers) with its strong ability to sell, deliver, and do business development, is well positioned to maintain a growth momentum of over 20% with 30% plus EBITDA margin; add to that the potential value unlocking in Palava City,” the brokerage said. Shares of Macrotech Developers traded around Rs 1,476 on December 19.
Data further highlighted that the market capitalisation of Bharat Petroleum Corporation (BPCL), Bajaj Holdings & Investment, The Indian Hotels Company, JSW Energy and Torrent Pharmaceuticals also surpassed Rs 1 lakh crore market capitalisation in 2024.
After beating its 2025 targets by a distance, Indian Hotels Company has unveiled its ‘Accelerate 2030’ strategy, and has set benchmarks for itself across topline, portfolio, and payout to shareholders. Indian Hotels aims to double its consolidated revenue to Rs 15,000 crore, delivering an industry-leading margin and a 20% return on capital employed. The company also plans to grow its portfolio to 700 plus hotels by launching new brands and tapping heterogenous markets. The company will invest up to Rs 5,000 crore in the next five years for existing assets and new projects.
Brokerage Elara Capital is positive on Indian Hotels with a target price of Rs 795. “Indian Hotels’ 2030 targets are aspirational, but given its industry-leading growth momentum, we expect these targets to be achieved well on time. If the industry upcycle continues, we expect EBITDA margins to inch near 40%,” Elara Capital said in a report.
In terms of top gainers, Oracle Financial Services Software and Dixon Technologies witnessed 205% and 183%, respectively, growth in their market capitalisation in 2024 till date. The market value of these companies was hovering around Rs 1.11 lakh crore each on December 19. Market capitalisation of Mazagon Dock Shipbuilders also jumped 121% YTD to Rs 1.02 lakh crore on December 19, 2024.
Of late, Dixon Technologies has signed a binding term sheet with Vivo India to undertake OEM business of electronic devices, including smartphones. The company would hold 51% stake in the JV, while Vivo India would hold 49%, with no cross-stakes between them. The tie-up will enable the company to manufacture non-Vivo phones too, thus increasing capacity from the current 50 million phones per annum (40-45% of outsourcing opportunity). Anand Rathi Share and Stock Brokers is positive on the company with a target price of Rs 21,875.
“Post onboarding Vivo, the company now has tie-ups with all major Android brands. We expect it to benefit from ongoing mobile manufacturing localisation tailwinds regardless of market share movement among brands. The good growth outlook and margin expansion should drive RoCE to 46.4% by FY27, from 28.2% now,” Anand Rathi Share and Stock Brokers said in a report.
TVS Motor Company, CG Power and Industrial Solutions, Mankind Pharma, Max Healthcare Institute, United Spirits, Polycab India, Info Edge (India), Samvardhana Motherson International, Shriram Finance, Dr Reddy’s Laboratories, Havells India, Apollo Hospitals Enterprise, Bosch, Persistent Systems and Indian Overseas Bank are also set to close the year 2024 with a market capitalisation of more than Rs 1 lakh crore.