Suzlon, GRSE, Ola, BHEL among 20 stocks with 40 70% rally in April; do you own?

Despite geopolitical and global headwinds, the Indian stock market managed a decent rebound in April 2026 with benchmark indices – BSE Sensex and NIfty50 – rising up to 6 per cent each. Supported by upbeat earnings of India Inc, broader market indices – BSE Midcap Select Index gained more than 15 per cent, while BSE Smallcap index was up over 18 per cent in the previous month.

However, the stock specific action was more intense and rewarding for the investors. According to the data from Ace Equity, 475 stocks from the BSE500 index managed to deliver positive returns in April 2026. It means 95 per cent of the top 500 stocks ended the month in green. 20 stocks managed to rally more than 40 per cent, with up to 70 per cent return, the data suggests.

Broader economic indicators remain broadly intact but FIIs remained net sellers, with geopolitical uncertainties, expensive valuations to other EMs and high energy import dependence weighing on sentiment, said SBI Research. “Going ahead, elevated crude oil prices amid the ongoing tensions between the US-Iran in the Middle East may impact India’s economic growth.”

Leading the gainers, shares of telecom gear player HFCL jumped 71 per cent in April as the stock surged from Rs 68 on March 30, 2026 to Rs 116 on April 30, 2026. It was followed by troubled EV player Ola Electric Mobility which gained more than 60 per cent as the stock surged to Rs 37 from Rs 23 during the period. Cohance Lifesciences and Cemindia Projects also posted 60 per cent gains in the month.

Picking as its techno-funda pick, Geojit Investments gave a ‘buy’ rating on HFCL  Ltd with a target price of Rs 150, while B&K Securities has a ‘buy’ rating on Cohance Lifesciences with a target price of Rs 460 apeice, expecting a muted Q4 performance from the company. Kotak Institutional Equities has a ‘sell’ rating on Ola Electric with a target price of Rs 30.

Shares of Gallantt Ispat, Welspun Corp Ltd, Adani Green Energy Ltd, Garden Reach Shipbuilders & Engineers Ltd (GRSE), Adani Power Ltd, Schneider Electric Infrastructure and Cochin Shipyard Ltd also jumped 45-55 per cent in the previous month. Majority of these companies posted decent earnings or saw a surge in demand led by rising temperature in the country.

On April 14, Investec initiated coverage of Welspun Corp with a target price of Rs 1,262 with a ‘buy’ rating. ICICI Securities has an ‘add’ rating on Adani Green Energy with a target price of Rs 1,315. Antique Stock Broking has a ‘buy’ rating on GRSE, while has suggested to ‘hold’ Cochin Shipyard. On the other hand, YES Securities has a cautious view on Adani Power based on its technical charts.
 

Oracle Financial Services Software (up 44 per cent), Adani Energy Solutions Ltd (up 44 per cent), Bharat Heavy Electricals Ltd (up 44 per cent), Elecon Engineering Company (up 43 per cent), Bandhan Bank Ltd (up 41 per cent), Reliance Power (up 41 per cent), Suzlon Energy Ltd (up 41 per cent), Jaiprakash Power Ventures (up 41 per cent), Sterling and Wilson Renewable Energy (up 40 per cent) were among other top gainers of the month.

Elara Capital has an ‘accumulate’ rating on Adani Energy with a target price of Rs 1,452, while Axis Direct gave a ‘buy’ rating on Elecon Engineering with a target price of Rs 635. JM Financial recently revised its target price of Rs 393 on BHEL, maintaining its ‘buy’ tag.

Equirus Securities has maintained a ‘long’ on Bandhan Bank with a target price of Rs 231. Nuvama Institutional Equities recently initiated with a ‘buy’ with a target price of Rs 300 on Sterling and Wilson, while Ambit also initiated coverage on Suzlon with a ‘buy’ and a target price of Rs 60 apeice.

Among the laggards, only HCL Technologies saw a double digit cut for the month, falling around 11 per cent. Besides it, Mangalore Refinery and Petrochemicals (down 7 per cent), Infosys (down 6 per cent), United Breweries (down 5 per cent) and Go Digit General Insurance (down 5 per cent) were among the top laggards for the month.