Five midcap stocks that could turn into largecaps in 2024
Indian share markets ended calendar year 2023 on a strong note, notching around 20% gains, most of it coming in the latter half of the year. While Nifty 50 and BSE Sensex gained about 15% in the last two months of the year, midcap stocks stole the show, with the BSE Midcap index shooting up by 20.4%. Several factors contributed to the rise, including healthy domestic macro numbers, cooling inflation in the US, and higher inflows from foreign portfolio investors (FIIs).
In calendar year 2023, the BSE Midcap index grew by 44%. Midcap companies have the agility to adapt to changing market scenarios and new technologies, despite having less established businesses than large caps. This is what makes them growth champions.
Keeping that in mind, we have shortlisted five midcap stocks that could possibly turn into largecaps in 2024. First on the list is BHEL. The company is a leading integrated power plant equipment manufacturer in India.
It performs design, engineering, manufacturing, erection, testing, commissioning, and servicing of a wide range of products across various sectors, including power, transmission, transportation, renewable energy, oil and gas, and defence sectors. BHEL has the capability to manufacture the entire range of power plant equipment for thermal, gas, hydro, and nuclear power projects, which makes it stand out from the crowd. It has a global footprint in 88 countries across six continents, which contributes close to 10% of its revenue.
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