At the end of the pre-opening trade, the market started slipping into the red zone, as Gujarat assembly election results showed a tight-fight between the two political heavyweights, BJP & Congress. However, the market picked up as the ruling BJP re-confirmed its stance in the Gujarat state politics with results indicating that the party will gain a clear majority.
Track record of Gujarat based companies: Gujarat-linked companies’ stocks, however, have delivered handsome returns to investors over the foregoing five years, were in focus in Monday’s trade, on political implications. Taking a signal from the exit-polls, domestic equity indices rallied in the last two sessions of the previous week. Nifty advanced 0.66% last week. Stocks of Gujarat Borosil were the top gainer among the stocks of companies from the state in last five years. The scrip has risen to Rs 133.35 from Rs 5.18 in this period.
Shares of Symphony Limited climbed over 900 % to Rs 1652.50 from Rs 163.15 during the same period, followed by Gujarat Ambuja Exports (up 620%), GNFC, up 467% and Gujarat Craft Industries up 408%. Between 2012 and 2017, Shares of Gujarat Alkalies (up 403%), Gujarat Themis Biosyn (up 393%), Gujarat State Petro (up 176%), Gujarat Pipavav (up 175%), Gujarat Fluoro chemicals (up166%) and Gujarat Sidhee Cement climbed 134 percent.