These stocks gained between 9%-103% and outperformed Nifty post demonetisation

Even as Nifty was struggling to retain its 8,000-mark during 'demonetisation' months, there were some stocks that were scaling new heights and constantly outperformed the 51-scrip index.

These stocks were – Maruti Suzuki, Jindal Stainless Hisar, Godrej Consumer, Marico, Venky's, Bharat Electronics, Praj Industries, Kalpataru Power, BEML, Power Finance Corp, Rural Electrification Corp and Care Ratings.

On November 08, 2016, PM Narendra Modi shocked India with demonetisation withdrawing high denomination notes Rs 500 and Rs 1000 in order to curb black money and promote digital currency. 

The very next day stocks of real estate, cement, non-banking and financial companies (NBFC), automobile, fast moving consumer goods (FMCG), consumer durables, information technology fell.

However, these are the stocks that managed to shrug off the demonetisation impact.

From November 2016- till date, these stocks have soared in the range of 9% - 103% whereas Nifty index just managed to grow by 11%. 

In valuation terms, Maruti Suzuki, Venky's, Bharat Electronics, BEML and Godrej Consumer Industries saw whopping rise. 

Venkys, for example, has given 102% return within three months post demonetisation. 

During the same period stocks, of BEML, Jindal Stainless Hisar and Kalpataru Power have given 67.38%, 33.15% and 32.93% returns, respectively.

Meanwhile, Maruti, Bharat Electronics and Godrej Consumer have given 29.39%, 22.47% and 21.64% returns, respectively. 

As per a report of Quantum Securities, the average return of these stocks is around 25.5% post demonetisation. 

Not only this, the annualised average return of these stocks is nearly 120%.  

Post demonetisation, Nifty and Nifty 200 index have managed to provide 10.7% and 12.2 returns, which is not even half of the average returns these stocks have given. 

What's ahead

Analysts at Quantum said, "We continue to remain positive on interest rate sensitive stocks like Maruti Suzuki India, on account of a benign interest rate regime in India. On the back of a sustained reversal of commodity cycle, we remain positive on Jindal Stainless Hisar."

They added, "We are bullish on long term FMCG consumption in India, leading to our positive bias on stocks like Godrej Consumer and Marico. We are still positive on Bharat Electronics and Praj Industries on the back of higher defence spending and expected pick-up in the ethanol projects."