Gujarat-run firms surge on bourses

Stock prices of the state government-run corporations have shown a surge in the past few months, with many recording their 52-week highs this December.

Buoyed by the response to the Vibrant Gujarat-Global Investors' Summit along with the government's plans of providing gas as fuel to user industries, stock prices of the corporations have been steadily climbing on the BSE.

The chief minister Narendra Modi had said on Sunday, "Those watching the Sensex and stock prices of companies will notice that our PSUs are faring extremely well."

To a question on disinvestment, the chief minister said the government has formed a task force.

From Rs 74.15 on March 28, 2003, to Rs 288.70 on December 22, Gujarat Mineral Development Corporation (GMDC) stock has staged a remarkable surge.

With the government announcing a mining policy allowing private participation in mining, the stock has reacted sharply.

With three new lignite projects ready to become operational, GMDC aims to increase its turnover and retain its position as the leading lignite mining institution in the country.

Sales too have gone up by 30 per cent at Rs 274 crore against Rs 211 crore last year.

Stocks of the Gujarat Industrial Power Company Ltd (GIPCL) too have soared in the recent past. From Rs 17.45 on April 1, 2003, GIPCL share prices have shot to a 52-week high of Rs 91.25. GIPCL is promoted by Gujarat State Fertiliser Corporation Ltd (GSFC), GEB, GSEL and GAIL.

The Vadodara-based GIPCL has a lignite based power generation plant with a capacity of 555 MW and officials say that they expect this to go up to 2010 MW by the end of the decade.

Despite the October 14 blast that ripped through the Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) plant in mid October, the company stock stood at Rs 27 on December 23.

The Vadodara-based Rs 1,032 crore Gujarat Alkalies and Chemicals Ltd (GACL), is expected to launch its rights issue of Rs 34.43 crore soon.

From Rs 17.45 on April 1, 2003, the share price of GACL has now shot up to Rs 91.25 on December 23.

Stock price of Gujarat State Fertilizer and Chemicals Ltd (GSFC) too has surged over the past three months.

From a price of Rs 14.05 on October 25, GSFC share has climbed to Rs 56.70 on December 23. The Vadodara-based GSFC recorded a total income of Rs 62,148 lakh during the second quarter ended September 30, as against an income of Rs 54,684 lakh during the corresponding period last year.