AHMEDABAD: It is not just billion dollars, Gujarat’s tally of companies with mcap of five-billion-dollar (Rs 36,500 crore) and more has also trebled thanks to rallying stock prices of these listed firms.
The number of Gujarat-based companies having $5 billion-plus market cap has now galloped to 10 from three in February 2020, just before the outbreak of Covid-19 pandemic.
The companies that made it to the coveted five-billion-dollar club are Gujarat Gas Limited (GGL), Astral Ltd, Adani Green Energy Limited (AGEL), Adani Total Gas Limited (ATGL), Adani Enterprises Ltd (AEL), Adani Power Limited (APL) and Cadila Healthcare Limited.
Four companies namely Astral, GGL, AGEL and ATGL have entered this elite club for the first time, while AEL, APL and Cadila Healthcare have re-entered the club as these companies had m-cap above $5 billion at some point in the past.
AEL had a market cap well above $5 billion before Adani Group restructured its business in 2015.
The Gujarati companies whose market cap had hovered above the $5 billion mark in February last year include Adani Ports and Special Economic Zones Ltd (APSEZ), Adani Transmission Ltd (ATL) and Torrent Power Limited (TPL).
In addition to the overall rally in the equities market, the share prices of the Ahmedabad-based Adani Group have soared dramatically on the back of its acquisitions in ports, airports, renewable energy and power transmission as well as award of large projects in renewable energy, road construction and city gas distribution, said stock analysts.
Gujarat has 22 cos with over $1bn valuationThe bullishness in the pharmaceutical sector since the outbreak of the pandemic has benefitted companies such as Cadila Healthcare and Torrent Pharma.
Cadila Healthcare, popularly known as Zydus Cadila, has gained on the back of the developments related to its Covid-19 vaccine and slew of other drugs used in the treatment of Covid-19,” said Nilesh Kotak, a city-based stock analyst.
“Astral has gained from strong branding, product visibility, new and quality product launches as well as growing market share.
It has become a top company in its area of business,” added Kotak.
GGL stock has jumped on the back of strong business prospects following an increase in natural gas consumption.
The number of Gujarati companies having one billiondollar plus valuation is about 22, including the ones in the $5 billion plus m-cap club.