This is the only multibagger from BSE500 in 2022 so far

New Delhi: As the domestic equity markets are rumbling to the tune of volatility, the stock returns have dwarfed for 2022. BSE 500 index has produced only one multibagger counter on a year-to-date (YTD) basis.

The only star for the ongoing calendar is the Gautam Adani-led electric utility arm of the group, Adani Power, which has rallied more than 170 per cent in the current year.

Despite a more than 20 per cent correction from its 52-week high of Rs 344.75, the stock has rallied 172 per cent on a YTD basis to Rs 271.4 on Friday, compared to its close at Rs 99.75 on December 31, 2021.

In the last five years, the counter has zoomed 850 per cent, whereas it soared over 1,000 per cent from its Covid-19 lows of April 2020. Promoters and promoter group entities hold 74.97 per cent shares in the company, whereas public shareholders own the remaining 25.03 per cent stake in Adani Power.

Mutual funds, financial institutions and banks own almost negligible stake in the company. Global funds, enlisted under promoter entities, hold more than a 28 per cent stake in the company.

The company is scheduled to host its annual general meeting on Wednesday, July 27, 2022, where it would seek shareholders' approval for the proposed related-party transaction worth up to Rs 5,000 crore with Adani ConneX.

These subsidiaries have ownership or leasehold rights in land and land parcels, Adani Power said in its AGM notice.

According to the firm, the transaction will be completed in FY23 post the shareholder approval However, eight stocks - Bharat Dynamics, Mahindra Lifespace Developers, Deepak Fertilisers, CreditAccess Grameen, GHCL, Mangalore Refinery And Petrochem, Shree Renuka Sugars and Chalet Hotels - have rallied between 50-85 per cent.

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