Watch out for these small-cap stocks that have more than doubled in 2022, so far!
Out of the small-cap stocks group, only four small-cap stocks were able to deliver returns of more than 100 per cent while several small-cap stocks gave returns of more than 50 per cent.
Currently, the equity markets are trading amidst an extremely volatile environment. In the past couple of months, the worries over inflationary pressure and policy tightening by the global central banks have been stretched majorly by the geopolitical crisis in Europe as well as the new wave of COVID-19 in China.
In the last one month, BSE Sensex and Nifty 50 indices slipped over 5 per cent each while in the broader markets, BSE Midcap index and BSE Smallcap index have rattled over 9 per cent each. The markets are getting more anxious with various technical levels being broken and the intraday recoveries being wiped off. In the short term, markets will continue to be impacted by the news pertaining to central bank actions and trends in inflation.
So far, in 2022, both BSE Midcap as well as BSE Smallcap indices fell over 12 per cent each. Both the indices have underperformed their Large-Cap peers. Out of the small-cap stocks group, only four small-cap stocks were able to deliver returns of more than 100 per cent while several small-cap stocks gave returns of more than 50 per cent. The four small-cap stocks that more than doubled in 2022 so far, comprised Chennai Petroleum Corporation, Gujarat Mineral Development Corporation, Vadilal Industries, and Mangalore Refinery & Petrochemicals.
Chennai Petroleum Corporation is one of the Multi-bagger stocks of 2022, which has reported a four-fold jump in its consolidated net profit at Rs 1,002 crore registered in Q4FY22 as compared to Rs 242 crore in Q4FY21. Meanwhile, on a YoY basis, the revenue from operations zoomed 43 per cent to Rs 20,997 crore from Rs 14,705 crore reported in the previous year's quarter. Better operational performance coupled with inventory gains due to an increase in crude and product prices helped the company to cross over the challenges caused by the COVID-19 pandemic.
Following is the list of small-cap stocks that more than doubled in 2022, so far: