Shares of Sanjiv Goenka-led RPSG Group companies experienced a significant rally on Monday, May 4, 2026, with several stocks surging by up to 10%. This market uplift occurred as trends from the West Bengal Assembly Elections indicated a potential historic win for the Bharatiya Janata Party (BJP), suggesting they might form the government in the state for the first time.
Key RPSG Group Stocks See Gains
Among the top performers, CESC Ltd saw its shares climb by as much as 9.05% to reach Rs 204.50, marking a new 52-week high and pushing its market capitalization close to Rs 26,000 crore. Analysts at Elara Capital maintain a 'buy' rating on CESC with a target price of Rs 228. Ahead of its March 2026 quarter results, Mirae Asset Sharekhan projected CESC's sales to be around Rs 4,684 crore, a 16.6% year-on-year increase, with net profit estimated at Rs 400 crore.
PCBL Ltd also registered strong gains, rising over 7.55% to Rs 312.55, bringing its market cap near Rs 12,000 crore. This surge came despite the company reporting a 59.8% year-on-year fall in net profit to Rs 40.22 crore for the previous quarter. ICICI Securities, however, downgraded PCBL to 'reduce' with a target price of Rs 270 following these muted earnings.
Firstsource Solutions Ltd (FSL), slated to announce its Q4 results later this week on May 6, jumped more than 2% during Monday's trading session. BoB Capital Market and Anand Rathi Share & Stock Brokers both hold a 'buy' rating on FSL, with target prices of Rs 429 and Rs 415 per share, respectively.
Other Group Companies Also Rise
Beyond the primary players, other RPSG Group entities also benefited from the positive market sentiment. Spencer's Retail shares advanced nearly 10% to Rs 38. Meanwhile, RPSG Ventures Ltd, considered the flagship company of the group, surged 7.9% to Rs 914.40, achieving a market capitalization of Rs 3,000 crore. Shares of Saregama India and STEL Holdings each gained up to 2%.
Nuvama Institutional Equities and Sharekhan have 'buy' ratings on Saregama India Ltd, with target prices of Rs 500 and Rs 440, respectively. JM Financial also has an 'add' rating with a target price of Rs 370.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.