REC, PFC, Rail Vikas Nigam among 14 PSU stocks that rallied between 100% and 250% in CY23
BSE PSU index, reflecting public sector enterprise performance, surged by 46.43% this year so far, surpassing the 14.93% return of the benchmark BSE Sensex index. Out of the 55 constituents of the BSE PSU index, an impressive 53 have achieved double-digit returns in CY23, with power-related companies leading the way. Rural Electrification Corporation (REC) topped the list with a remarkable 250% return in CY23, marking its most substantial yearly gain since 2009.
In today's trade, the stock touched a new all-time high of ₹412 apiece. The stock closed positively in 10 out of the last 11 months, showcasing its robust performance. Also Read: M-cap of these two Adani Group firms jumped by over ₹50,000 crore in last 5 sessions Notably, July spearheaded the monthly gains with a remarkable rally of 23.26%, closely followed by September with a gain of 20.43%.
The surge in power stocks was attributed to a robust increase in power demand amid a surge in economic activities, benefiting power sector financing companies and supply chain companies. In September, the power demand touched a new record high of 243.27 GW, fueled by industrial activities due to the effect of the festive rush. Meanwhile, Power Finance Corporation, a Maharatna CPSE and the country's leading non-bank financial corporation, also saw its shares gain phenomenally.
Starting the year at ₹113.95 apiece, the company's shares skyrocketed by 245%, reaching the current level of ₹389.55 apiece. Also Read: Wockhardt shares hit 52-week high, rally over 18%; here’s why Railway PSUs also experienced substantial returns, fueled by significant order wins resulting from the ongoing transformation within the railway sector. During Union Budget 2023-2024, the government announced
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