Since the beginning of November 2000, select stocks have provided returns ranging between 125 per cent to as high as over 1,100 per cent.

These returns are phenomenal as there has not been much change in the stock market sentiment during this period, with key stock indices rising 18-19 per cent. In this category, Saw Pipes was the outperformer, with the stock appreciating by 1,127 per cent from November onwards. The stock increased from Rs 17.85 in November to Rs 219.15 on Friday at the Bombay Stock Exchange (BSE). Led by rise in prices, there was also a substantial rise in volumes in the counter from 1,200 shares to 4.36 lakh shares.

This may be an exceptional stock, but for the electric battery manufacturer Amara Raja Batteries, the rise was 130 per cent. The stock increased from Rs 110 to Rs 252.60, a gain of 130 per cent. Before this period, during March-September 2000 the stock was hammered down and touched a low of Rs 63.

The stock price of Bank of Madura, which has been acquired by ICICI Bank, increased by 279 per cent from Rs 76.9 to Rs 291.4. A major part of this gain coming just before the announcement of the merger with ICICI Bank.

Kesoram Industries also remained in limelight and increased by 194 per cent from Rs 17.8 to Rs 52.35. Century Textiles gained 124 percent from Rs 27.35 to Rs 61.30. IBP Ltd shares rose 159 per cent to Rs 324.4 from Rs 125.2 in the wake of divestment of government stake in the company.

Market analysts feel that there are always some secondline stocks (or growth stocks) which provide extremely good returns and outperform the market. But some are of the view that investors should be cautious while investing in these stocks.