Ahmedabad: Several Gujarat-based companies have delivered sharply better returns from their March-April lows than the benchmark indices, highlighting strong stock-specific recovery in the state’s corporate universe.While the Nifty rose 8.98% from its low of 22,182 to 24,173, and the sensex gained 8.55% from 71,545.8 to 77,664, a number of Gujarat-linked stocks posted far stronger advances.Gujarat Alkalies and Chemicals Ltd led the pack, surging 75.97% from its low of March 16, Adani Power climbed 64.40% from its low of March 2, while Adani Green Energy advanced 51.73%, Adani Transmission rose 46.83% and Elecon Engineering gained 45.45% from their recent lows. Another state PSU GNFC moved up 32.10% while GMDC added 31.67%.The performance shows that several Gujarat companies have significantly outpaced both the sensex and Nifty in the rebound from their respective lows during March and April, reflecting renewed investor interest in energy, infrastructure, chemicals and engineering counters.Vinay Rajani, a senior research analyst of a leading national stock broking firm said, “From the recent swing low, the market has seen a broad-based rebound, with Nifty up 9%, while NSE Smallcap100 and Microcap 250 have rallied 17% and 21% respectively. This has lifted most stocks, including several Gujarat-based names. The move is largely stock-specific with Adani group stocks contributing meaningfully. Gujarat Alkalis, which has surged 75%, appears to be driven more by promoter buying, heavy volumes, and technical momentum.“Viral Mehta, west zone head of a stock broking company said, “The West Asia war resulted in huge sell-off but now markets appear a bit stable and in the last one month, several companies from Gujarat have outperformed markets with strong fundamentals and future prospects.”
