Top 5 Gainers of the Month from Nifty 500 – June 2024

There’s a saying, “As the days get longer in June, so do the opportunities in the stock market. Keep your eyes open and your strategies sharp.” This holds especially true for the Indian markets this year. At the start of June, the Indian stock market experienced significant volatility due to the exit poll euphoria followed by a sharp U-turn on the day of vote counting. However, as the volatility subsided, the bulls took charge, leading to a remarkable rally.

The Indian equity benchmark indices saw NSE Nifty crossing the milestone of 24,000, making June a stellar month for the market. The Nifty50 index surged by 6.57%, marking its best monthly performance in 2024. In this blog, we will explore the top 5 gainers for June from the NIFTY500 universe.

Top 5 Gainers in June

1. Garden Reach Shipbuilders and Engineers (GRSE)

Defence PSU GRSE emerged as the top-performing stock for June, with shares skyrocketing by 53.5%. The primary catalyst for this impressive rally was the company’s agreement with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG Germany. The deal involves constructing and delivering four multi-purpose vessels, each with a deadweight tonnage (DWT) of 7,500, with an option to build an additional four ships in the future. This contract, valued at approximately USD 54 million, is expected to be completed within 33 months.

2. Fertilisers & Chemicals Travancore (FACT)

FACT shares surged by 45.88% in June, crossing the Rs 1,000 mark for the first time on June 21, 2024. The rally was driven by anticipation ahead of the GST Council meeting on June 22, where there were speculations about a potential GST cut on fertilizers. Although the GST council referred the recommendation to exempt the fertilizer sector from the current 5% GST to the Group of Ministers on rate rationalization, which led to stock seeing profit booking from the higher levels. 

3. India Cements

India Cements gained 43.09% in June, with the bulk of the gains occurring in the last week of the month. This surge followed an announcement from Aditya Birla Group’s UltraTech Cement Ltd., which revealed plans to make a non-controlling financial investment, acquiring a 23% equity stake in India Cements.

4. Amara Raja Energy & Mobility (ARE&M)

Shares of Amara Raja Energy & Mobility climbed by 41.03% in June. The significant boost came after the company’s wholly-owned subsidiary, Amara Raja Advanced Cell Technologies Pvt Ltd (ARACT), signed a technical license agreement (TLA) with a subsidiary of Gotion to access lithium-ion phosphate (LFP) technology. This partnership is expected to accelerate the development of Amara Raja’s gigafactory and instill greater confidence among investors regarding the company’s ability to achieve its 16 GWh capacity target.

5. JK Paper

JK Paper shares gained 40.84% in June. The company projected higher volume growth in the paper and boards segment for FY25. Additionally, the 53rd GST Council meeting brought relief by slashing the GST on paper boxes from 18% to 12%. This reduction in packaging material costs is expected to benefit both companies and consumers.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.