Over the last two years, a select group of underdog stocks from several sectors have quietly risen to become unsung heroes in investors' portfolios. Despite their cheap prices below Rs 100, these stocks have outperformed expectations, providing multi-bagger returns over the last two years. Spright Agro (previously known as Tine Agro) was the highest gainer on the list, jumping 3,663%. On May 6, 2024, shares of the company traded at Rs 35.84, compared to Rs 0.95 on the same day in 2022. The corporation engages in commercial agriculture and related activities such as trading, exporting, and importing agricultural products.

The company's consolidated profit after tax rose substantially to Rs 11.62 crore in FY24, up from Rs 0.01 crore the previous year. On the other side, gross sales climbed by 841% to Rs 72.47 crore.

Overall, 98 stocks have gained more than 250% in the last two years and are still trading below Rs 100. Shukra Pharmaceuticals (up 2,709%), Rose Merc (up 2,274%), Remedium Lifecare (up 1,936%), Arunjyoti Bio Ventures (up 1,859%), Viceroy Hotels (up 1,715%), and Aerpace Industries (up 1,333%), Shri Gang Industries & Allied Products (up 1,321%), Abirami Financial Services (India) (1,275%), and Rajnish Retail (up 1,020%) were among the other major gainers on the list.

Among the other major gainers, Telogica, Madhusudan Securities, Rudra Ecovation, Andhra Cements, Yuranus Infrastructure, Supreme Infrastructure India, Kay Power and Paper, Sterling Guaranty & Finance and Jyoti gained somewhere between 500%-950% during the same period. Meanwhile, the benchmark equity index BSE Sensex gained 35%, while the broader indices the BSE Midcap and BSE Smallcap indices increased by 82% and 73%, respectively, during the same period.

Motilal Oswal Financial Services stated in a report that "India is currently enjoying the confluence of the best macro and micro tailwinds, such as moderating inflation prints, range-bound crude prices, an easing 10-year G-sec yield, a stable currency, and resilient corporate earnings." In the immediate term, markets will be influenced by the outcome of the Lok Sabha elections, as well as the timing and magnitude of interest rate cuts, both globally and in India." In the larger market, the brokerage recommends Indian Hotels, Godrej Properties, Sobha Developers, Dalmia Bharat, IIFL Finance, Cello World, PNB Housing, Lemon Tree, and Global Health.

IDBI Capital Markets is bullish on equities, despite some volatility due to election sentiment. The brokerage's best recommendations from various sectors and segments include Indusind Bank, SRF, Sonata Software, Kajaria Ceramics, NCC, PVR Inox, Aavas, Safari Industries, Prince Pipes, and Greenpanel.

Returning to the other major gainers, data showed that Captain Pipes, Kisan Mouldings, SBC Exports, Artemis Electricals And Projects, Royal India Corporation, Sudal Industries, Bacil Pharma, Paramount Communications, J Taparia Projects, Caspian Corporate Services, KBS India, Imagicaaworld Entertainment, and PVP Ventures all increased by more than 450% in the last two years.