In stock-specific plays, MRPL gained 29.8% in May-21 on strong crude prices and improved GRMs. Balkrishna Industries also rallied 25.1% in the month on strong results and solid traction in the replacement demand market.
Banks were among the most active gainers in mid-caps. Indian Bank gained 23.4% in May-21 on Q4 turnaround while PNB gained 18.9% on a stellar performance by its PNB Housing subsidiary, which got a buyer in Carlyle. BOI was also among gainers with 13.3% in May-21.
Finally, let us look at mid-caps from a 1-year perspective, since they are the alpha stories. In the last one year, Chola Investments has given returns of 307% on strong growth in its fund based businesses. The big mid-cap metals story was JSPL giving 242% returns and Nalco giving 152% returns on the back of the commodity rally globally. Among mid-cap banks, Indian Bank gave 221% in the last 1 year while IDFC First Bank gave 189%.