Gujarat-based stocks in focus

Adani Enterprises, Gujarat Gas, Adani Ports, Adani Power, Gujarat State Petronet, GMDC and Gujarat Pipavav are up 2-12% on the BSE.

Shares of the Gujarat-based companies are in focus, trading higher by up to 12% on the bourses, in an otherwise subdued market.

Adani Enterprises, Gujarat Gas Company, Adani Ports and Special Economic Zone, Adani Power, Bank of Baroda, Gujarat State Petronet, Gujarat Mineral Development Corporation and Gujarat Pipavav are trading higher in the range of 2-12% on the Bombay Stock Exchange (BSE).  The benchmark S&P BSE Sensex was up 0.03% at 22,494 at 1130 hours.

Most of these stocks have been on a roll since September 13 last year, when the BJP announced Narendra Modi as its PM candidate for the 2014 Lok Sabha elections.

Among individual stocks, Adani Enterprises has rallied 12% to Rs 468 on the BSE. The stock opened at Rs 420 and touched a high of Rs 471 so far. The trading volumes on the counter have almost doubled, with a combined 15.03 million shares changing hand so far on the BSE and NSE.

Gujarat Gas Company has surged 9% to Rs 391, followed by Adani Port (6% at Rs 197), Gujarat State Petronet (5% at Rs 72.50) and Gujarat Pipavav Port (2.7% at Rs 87.20).

Meanwhile, the foreign institutional investors have also accumulated shares of Adani Group companies during the recently concluded quarter.

FIIs hiked their stake in Adani Enterprises to 20.87% in the March quarter from 20.77% in the December quarter, while their holdings in Adani Port increased to 17.48% from 17.38% and in Adani Power to 6.84% from 6.54% earlier, the shareholding pattern data shows.