Narendra Modi's touch: Gujarat-based cos continue to outperform benchmark indices

Written by fe Bureau | Updated: May 15 2014, 16:10pm hrs
NAMOThe Adani Enterprises scrip has surged a whopping 253% since September last year. Reuters
Gujarat-based companies continue to outperform benchmark indices and broad markets by a wide margin amid hopes the Bharatiya Janata Partys (BJP) prime ministerial candidate Narendra Modi will come to power and revive growth, which has dropped to a decade-low. The Adani Enterprises scrip has surged a whopping 253% since September last year. About 17% of its gains have come in the previous four sessions, during which the Sensex has risen about 7%. The party started even before the exit poll results were announced on Monday. Blue-chip shares, including that of Reliance Industries, have surged nearly 10% in the last four sessions. In fact, Mukesh Ambani's wealth has increased by $1.68 billion, rising almost $800 million on Tuesday his net wealth now stands at roughly $25.5 billion. Some big institutions that have tracked the elections and conducted their own surveys after the May 7 phase feel the BJP-led NDA is likely to win 272 seats the magic figure needed to form a majority government. The results will be announced on May 16.