These 2023 smallcap multibagger stocks gave 2x returns in just 2 months! (2024)

The big bulls may have taken the slow lane on Dalal Street, but the multibagger superstars of last year are still holding their heads high and giving some of their largecap peers a run for money.

Atleast seven smallcap stocks, which have seen a multifold rise in the value in 2023, extended gains further in 2024 and gave over 100% returns in just two months!

About 33 multibagger stocks of 2023 have further rallied and given double-digit returns of up to 98% in just the first two months of the current year.

Waaree Renewable Technologies and Waaree Technologies have grabbed a lot of attention ever since group company Waaree Energies filed papers to float an initial public offer.

In the last six months, prices of Waaree Energies have jumped 4x in the unlisted market, whereas those of Waaree Renewable Technologies and Waaree Technologies have more than doubled in just two months.

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The Mumbai-based manufacturer of solar PV modules, backed by veteran investor Madhusudan Kela, filed draft papers for an IPO in December last year, and the issue comprises fresh equity worth up to Rs 3,000 crore and an offer for sale (OFS) of up to 32 crore shares.

Real estate developer Unitech also finds itself in the list of superstars, as the stock has given 117% returns so far in 2024, following a 279% rally in 2023.

“Unitech is building positive momentum after a decade of sideways trend. This move has taken a toll near the Rs 20 level, which is presently serving as a major hurdle,” said Avdhut Bagkar, technical and derivatives analyst at Stoxbox.

One can consider accumulating the stock near the support level of Rs 12, and the price action may resume towards the next up move, Bagkar said.

In the construction space, another outperforming stock was PSU major NBCC India. This stock has rallied 76% in 2024 so far after giving multibagger returns in 2023.

While the current bias remains in favour of bulls, the stock has to sustain above Rs 160 to witness the next big bull run, Bagkar said.

The other two PSU stocks that are rocking on Dalal Street are Housing & Urban Development Corp (HUDCO) and Indian Railway Finance Corp (IRFC).

HUDCO shares have rallied more than 58% in just two months and this is after gaining 142% in 2023. Meanwhile, IRFC stock has gained over 54% this year after a strong run of 206% in 2023.

If HUDCO gives a positive breakout over Rs 220, Bagkar believes it could propel the stock towards Rs 250-270 levels.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)