Stock investors have a new favourite on D-Street. It's not the Tatas, Adanis or Ambanis

The listed companies of the Kolkata headquartered RPG Group are managed by the two brothers — and .

The market capitalisation of RPG Enterprises companies, led by Harsh Goenka, grew by a staggering 77% in FY24 to Rs 45,932 crore as of March 22, data by Ace Equity showed.



Such a strong growth was led by four companies – RPG Lifesciences, STEL Holdings, Summit Securities, and Zensar Technologies – whose market capitalization more than doubled in the financial year.

The market cap of RPG Lifesciences increased by 118% in value terms in FY24, and that of STEL Holdings soared 131%. Zensar Technologies saw its market cap increase by 115% in FY24, and this sharp appreciation in the stock has come despite the information technology sector facing rough weather in the form of lower discretionary spending.

Meanwhile, the market capitalization of RPSG Group companies, led by Sanjiv Goenka,surged 73% in FY24 to Rs 49,387 crore.



Under this conglomerate, only one entity – PCBL Ltd – saw over 100% growth in market capitalisation, but four other companies saw a growth of more than 70%.

The market cap of Firstsource Solutions surged 82.4% in FY24, and that of CESC Ltd grew by 80%.

How Others Performed?

Despite being ambushed by the explosive report by Hindenburg Research in early 2023, Gautam Adani-led companies not only rebounded sharply but also managed to become

the third runner up on Dalal Street.

The cumulative market capitalization of the listed companies of grew by 70% in FY24. Three of the group entities – Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Power, saw their market cap more than double in FY24.



Adani Power registered the highest growth in market cap at a whopping 177%, while Adani Green and Adani Ports saw their market cap grow 110% and 103%, respectively in the ongoing financial year.

The Tata Group put up a fairly good show, thanks to the stellar rise in two of its crown jewels – Tata Motors and Tata Power.

The cumulative market cap of all the listed companies of the group grew by 44% in FY24 to Rs 29.5 lakh crore.

The strong recovery in the earnings performance of Tata Motors’ India operations as well as Jaguar Land Rover, drove the stock higher and saw the market cap surge 133% in FY24.

Tata Power Co’s market cap increased by over 105% to Rs 1.25 lakh crore.

Tata Investment Corporation, a lesser known listed firm of the Tata Group, grabbed the

limelight and saw the highest rise in market cap after news of a possible initial public offer of Tata Sons hit the Street.

While the IPO hasn’t fructified yet, it did enough good for the group’s stocks. Tata Investment Corp’s market cap soared by 241% in FY24 to Rs 30,156 crore.

Two other stocks of the group – Trent and TRF – also saw an over 100% growth in their market capitalization.

The conglomerate that performed the least during the year was that of Mukesh ’s. The cumulative market capitalization of all the listed companies of Reliance Industries rose just 25% in FY24 to Rs 19.93 lakh crore.

This is largely because of the underperformance of the parent company. RIL’s market cap in FY24 rose just 25% to Rs 19.69 lakh crore. The highest rise in the market capitalization among the listed group companies was that of Den Networks at 89%, followed by Network18 Media at 69%.

So, while FY24 was that of the Bengal Tigers on Dalal Street, one needs to see who wins the race in FY25.

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