New Delhi, April 2 (SocialNews.XYZ) Reopening of Indian economy post the aggressive vaccination drive helped investors mint money in the stock markets as multiple stocks turned multibagger in the financial year FY22 that ended on March 31, 2022.
The top moving stock in the previous financial year was Brightcom Group, rising 2,500 per cent from Rs 4 to Rs 102 during the period. Fortunes of those investors who betted on Brightcom Group's shares have brightened in the past one-year.
Founded in 1999, the Hyderabad-based listed company deals in digital marketing and advertising solutions. In December 2021, it acquired 100 per cent stake in digital marketing firm MediaMint in a mixed cash-and-stock deal worth Rs 566 crore. Next came the Tata company Tata Teleservices. It rose 1,201 per cent during the fiscal from Rs 13 to Rs 175.
Mumbai-based Tata Teleservices, a subsidiary of the Tata Group, deals in broadband, telecommunications and cloud services. It is important to note that the rise in share prices of the company comes at a time when major Indian telecom operators have raised their prepaid tariffs by around 20 per cent.
Also, the country preparing to launch the high-speed 5G network and augmenting the broadband internet services in all villages are likely to have supported the telecom scrip. Further, RattanIndia Enterprises, 3I Infotech, and GRM Overseas rose 817 per cent, 560 per cent and 425 per cent, respectively. Shares of Jindal Worldwide, Khaitan Chemicals & Fertilizers, Vishnu Chemicals, Ange One, Gokaldas Exports and Nahar Polyfilms gained above 400 per cent each, data showed. Analysts expect the positive outlook of Indian equities to continue in FY23, however, rising commodity prices-led inflation is a key monitorable.
For the near-term, the outcome of the Reserve Bank of India's upcoming monetary policy meeting next week would be the major factors that will dictate the market outlook. "With the beginning of the new fiscal year, markets will be closely eyeing the MPC's monetary policy review outcome scheduled on April 8. Participants are expecting the status quo however their commentary on inflation and growth would be critical amid global tightening," said Ajit Mishra, VP Research at Religare Broking.
On the macro front, participants will be eyeing manufacturing and services PMI data on April 4 and April 6 respectively besides global cues like updates on the Russia-Ukraine war, movement of crude oil will remain in focus, said Mishra.
Source: IANS
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