Select Nifty 500 stocks have given skyrocketing returns in 2023. From JBM Auto to Polycab India, five stocks have given up to 186 per cent returns so far in 2023. But is there more stream left in them?

Here is what brokerages say:

JBM Auto 

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The auto component manufacturer's shares have soared over 186 per cent in 2023. The rally can be attributed to the company's entry into the electric vehicle segment, according to Nirmal Bang Securities. The brokerage said that the 5,000 EV bus order won by JBM Auto Limited and its subsidiaries has benefited the company.

Apar Industries 

The aluminium and alloy conductor manufacturing company's stock has climbed over 170 per cent. Nirmal Bang Securities has given a 'buy' call on Apar Industries for a target price of Rs 5,415 apiece. The brokerage's outlook over the medium term remains strong due to healthy demand amid aggressive capex globally for renewable energy capacity addition, transmission expansion, infrastructure development, public transportation, and telecom pushes coupled with the benefits of China+1.

Suzlon Energy Ltd 

The renewable energy company's shares have gained over 122 per cent in 2023. JM Financial has given a 'buy' call on the stock for a target of Rs 30 apiece. "With industry tailwinds in place, a deleveraged balance sheet, and a robust order book, we expect a strong pick-up in the company’s performance going forward," the report said.

Engineers India 

Engineering Consultancy and EPC company's stock has climbed over 100 per cent in 2023. B&K Securities has given a 'buy' call on Engineers India shares for a target price of Rs 176 apiece. The following are the reasons for a positive view on stock:

-The company targets an order inflow run rate of over Rs 40 billion per annum against Rs 47 billion in FY23 for the next two years.

-On execution, the company expects revenue growth of 5–10 per cent in FY24 over FY23.

-On the margin front, it expects to maintain FY23 profitability, with consultancy margins of 25 to 27 per cent and 3 per cent for the turnkey segment.

Polycab India 

The cables and wires manufacturing company's shares gained over 105 per cent in 2023. Global brokerage Morgan Stanley has raised the target from Rs 4,868 apiece to Rs 5,550 apiece with an 'overweight' rating, and Citi has given a 'buy' rating on the stock for a target price of Rs 5,540 apiece.

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