SENSEX NIFTY
Dec 20, 2012, 02.25 PM IST | Source: Moneycontrol.com

How listed Gujarat firms fared under Narendra Modi's rule

Gujarat CM Narendra Modi, popularly known as 'NaMo', has emerged one of the country’s most prolific politicians. Modi has become the favourite poster boy for India Inc because of his industry friendly policies and no nonsense attitude while doing business.

Riken Mehta & Sagar Salvi
Moneycontrol.com

Gujarat CM Narendra Modi, popularly known as 'NaMo', has emerged as one of the country's most prolific politicians. Modi has become the favourite poster boy for India Inc because of his industry-friendly policies and no nonsense attitude while doing business.

Billionaire investor Rakesh Jhunjhunwala, in an recent interview, said that the next bull run can be triggered in 2014 if a Modi-led BJP comes into power. Be it the Reliance Jamnagar's refinery woes or Tatas Singur debacle, Gujarat has now emerged as preferred investment destination for giant corporate houses. The latest entrant to the state is Maruti. The Gujarat poll results will be out on Thursday, however, exit polls have already suggested a thumping victory for Modi.

During his first tenure (2002-2007), if an investor would have invested in 22 prominent companies based in Gujarat, his or her portfolio would have generated a whopping 2889% return.

Comparatively, during his second tenure, the returns have been muted, mostly because of the overall slowdown which started in 2007. However, investors still made a more than decent 29% return—better than benchmark index in the same period. If one would have invested in all 27 listed Gujarat-based companies since 2002, your portfolio would have made a staggering 1930 percent return.

Let's see how Gujarat based stocks have performed in his regime

Stocks % Return in tenure1 % Return in tenure2 % Return in tenure 1-2
GHCL 854 -77 118
Mundra Port - -31 -
Gujarat Narmada 510 -56 168
GSFC 935 27 1209
Gujarat State Petronet  - -16 -
Gujarat Alkali 822 -39 463
Welspun India  325 -40 154
Adani Enterprise  6006 -37 3726
Adani Power - -36 -
Adani Ports - -33 -
Sun Pharma  697 212 2388
Gujarat Apollo 954 -39 538
Gujarat Ambuja Exports 3563 -62 1286
Torrent Power 140 6 153
Torrent Pharma 286 239 1207
Torrent Cables 190 503 1651
Aarvee Denim 769 -19 606
Alembic  795 -83 53
Alembic Pharma - 50 -
Nirma  105 10 125
Gujarat Gas  277 84 593
Gujarat NRE Coke  7236 -74 1809
Arvind Mills  252 23 333
Ganesh Housing Corp 14060 -84 2129
Atul Auto 2103 247 7552
United Phosphorous 15074 -29 10700
Ratnamani Metals 12765 -43 7278
Cadila Healthcare 427 313 2075
Dishman Pharma 196 -63 9
Average Returns 2889 29 1930

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