These beaten down stocks are turning out to be multibaggers of 2020

The equity markets are on song and several stocks are making record highs. While the momentum is clearly with the bulls and quality stocks with earnings visibility and growth are making new highs the beaten down stocks are also keeping investors busy.

Jain Irrigation, DHFL and CG Power are just some of the examples.

Jain Irrigation slipped from its all-time highs of Rs 145.60 per share recorded in January 2018 to Rs 3.30 per share in March, 2020. The stock tanked almost 98 percent from its record highs. As on Wednesday, Jain irrigation is trading at Rs 17.65 per share, up by 435 per cent from its march lows. In November alone Jain Irrigation is up by more than 22 per cent.

CG Power is up by almost 550 per cent from its March lows while the stock tanked from its price level of Rs 97.80 it made in January in 2018.

DHFL made a high of Rs 670 per share in August, 2018 and touched a fresh low of Rs 9.10 per share in March, 2020. The stock of DHFL is trading at Rs 19.35 per share locked in upper circuit on Wednesday. DHFL has almost doubled since it made its March 2020 lows as the signs are ominous that a corporate group will successfully bid for DHFL’s assets and the company might get revived.

CG Power and DHFL suffered due to corporate governance issues while Jain Irrigation tanked due to financial troubles. While Tube Investments have gained the management control of CG Power, DHFL is on the verge of being taken over by a financially sound corporate group.

In the current market environment, investors can look at investing opportunities where the turnaround stories are visible.