Even as global stocks declined, the MSCI India Index — a yardstick for large and mid-cap segments of Indian stocks — spiked during the recent quarter (July to September). It's been on the upswing in the last 10 months of the year.
With its outperforming equities, the Bombay Stock Exchange (BSE) Sensex, an indicator of market performance based on 30 listed companies, has generally bucked the global downtrend. It has spiked 131% in the last two years (since March 2020, when COVID-19 pandemic-driven travel curbs started). Analysts cite a number factors:
Growing domestic market
India, a nation of 1.4 billion inhabitants, is expected to grow faster than most countries in the next years due to its sizable and young population as well as a business-friendly climate. Bloomberg reported the economy will expand by nearly 7% in the fiscal year ending in March, citing a survey of economists.
Major global corporations have been profiting from the South Asian nation's industrial strength. Apple, which has historically produced most of its iPhones in China, started producing the new iPhone 14s in India earlier than expected. Citigroup has set sights on India for its global expansion.
Greater "coupling" with the US economy
The fact that India is now the manufacturing location for the newest iPhone models is a sign of things to come. Longer term, India's growing "coupling" with the US may open doors for Indian businesses to widen their reach.
Rising investor capital allocation
A key driver is Indian share price increase is that emerging market funds have started moving in droves to India, reaching a record high in recent quarters, according to Cambridge, Massachusetts-based research and fund manager EPFR Global.
Here are the top-earning 10 Indian stocks so far this, based on year-to-date performance (January to November 1, 2022).
#1. Adani Power: 249.09%
Adani Power Ltd. is an Indian power and energy company, and subsidiary of Indian conglomerate Adani Group with head office at Khodiyar in Ahmedabad, Gujarat.
#2. Adani Total Gas: 111.78%
Adani Total Gas Co. is a wholly-owned subsidiary of Adani Enterprises Ltd. The Company is focused on developing City Gas Distribution (CGD) networks to supply the Piped Natural Gas (PNG) to the industrial, commercial, domestic (residential) and compressed natural gas (CNG) to the transport sector.
#3. Adani Enterprises: 108.47%
Adani Enterprises is the flagship company of the Adani Group, an Indian multinational conglomerate, headquartered in Ahmedabad. It was founded by Gautam Adani in 1988 as a commodity trading business.
#4. Adani Transmission: 92.31%
Headquartered in Ahmedabad, Adani Transmission Ltd, is an electric power transmission company that's currently one of the largest private sector power transmission companies operating in India.
#5. Varun Beverages: 87.88%
Varun Beverages Ltd is an Indian company that produces, bottles and distributes beverages. It is the second largest bottling company of PepsiCo's beverages in the world outside United States.
#6. Indian Hotels Company Ltd: 85.25%
The Indian Hotels Company Ltd. is an Indian hospitality company that manages a portfolio of hotels, resorts, jungle safaris, palaces, spas and in-flight catering services. The company is part of India's Tata Group.
#7. Solar Group India Ltd: 65.77%
Solar Group has evolved from a single-site manufacturing company in 1995 to a globally-recognised industrial explosives manufacturer. The company has entered into defence and setup one of the world’s most integrated ammunition facilities.
#8. Adani Green: 57.40%
Adani Green Energy Ltd. is an Indian renewable energy company headquartered in Ahmedabad, Gujarat. It is owned by Indian conglomerate Adani Group. The company operates Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world.
#9. Bharat Electronics Ltd (BEL): 53.93%
Bharat Electronics Limited (BEL) is an Indian Government-controlled aerospace and defence electronics company. It primarily manufactures advanced electronic products for ground and aerospace applications. BEL is one of nine public-sector undertaking (PSUs) under the Ministry of Defence of India.
#10. Gujarat Flourochemicals: 49.51%
Gujarat Fluorochemicals Ltd is an industrial refrigerant manufacturer in India. It is one of the largest producers of chloromethane, refrigerants and polytetrafluoroethylene.
[Note: This is for only for purposes of information, and not a stock advice. Previous data is not a guarantee of future performance.]