In the past week, the benchmark indices Sensex and Nifty gained around 1.2 per cent and 1.3 per cent, respectively. Sensex hit the 80,000 mark for the first time ever and Nifty hit an all-time high of 24,401.

All sectoral indices ended in the green, except for BSE Consumer Durables. The Nifty India Defence Index jumped 13.7 per cent as bullish sentiment continued in the sector. Shares of Mazagon Dock Shipbuilders and Cochin Shipyard were up 32.7 per cent and 28.1 per cent respectively, although there were no fundamental news to substantiate the spike. .

While strong market buoyancy meant many stocks performed well, here are three stocks that were top gainers driven by fundamental developments within the BSE 500 index.

Solar Industries India Ltd

The stock of Solar Industries surged 21.6 per cent over the past week, surpassing ₹1 lakh crore in market cap. The rally was driven by a couple of factors. Firstly, the company’s South African subsidiary Solar Mining Services (Pty) Ltd has acquired a majority stake in Problast BS (Pty) Ltd. Problast BS is a premier blasting solution provider in South Africa. Problast BS’ revenue for FY23 was ₹346 crore. Secondly, the company’s subsidiary Economic Explosives was reported to have developed three new explosive formulations.

Solar Industries India Ltd specialises in the production of a comprehensive array of industrial explosives and explosive initiation devices.

The stock trades at a trailing price-to-earnings (P/E) ratio of 131.6 times

NBCC (India) Ltd

Shares of NBCC gained 20 per cent over the week gone by, driven by the company securing a work order relating to supervision of the construction and development of an incubation centre at the National Institute of Technology’s Bihar campus at Patna.

NBCC (India) Ltd is a Navratna company that is into project management consultancy (PMC), real estate and engineering, and procurement and construction (EPC).

The stock trades at a trailing price-to-earnings (P/E) ratio of 84.5 times.

Rail Vikas Nigam Ltd

Shares of RVNL were up 17.9 per cent over the past week owing to the company’ emergence as the lowest bidder from Central Railway for the upgradation of the existing 1 x 25 kV Electric Traction System to 2 x 25 kV AT Feeding System in Wardha-Ballarshah Section of Nagpur division. Also, the company has signed an MoU with Delhi Metro Rail Corporation Limited (DMRC) for participation in the upcoming projects in India and abroad as Project Service Provider for Metro/ Railways, High Speed Rail, Highways, Mega Bridges, Tunnels, Institutional Buildings, Workshops or Depots, S&T works and Railway Electrification.

Rail Vikas Nigam Ltd (RVNL) is a public sector undertaking (PSU) specializing in the development of rail infrastructure.

The stock trades at a trailing price-to-earnings (P/E) ratio of 65 times.