Shares of Gujarat PSUs rallied sharply after opinion polls predicted Modi as next PM
GN Bureau | May 21, 2014
Shares of more than a dozen central government public sector units (PSUs) and companies promoted by the Gujarat government hit their 52-week highs on Tuesday. The BSE PSU index has soared 13.7% in the past week alone — the best performance among sectoral and benchmark indices.
Shares of PSU behemoth BHEL have jumped 27% in the last one week. PSUs such as NTPC, NMDC and Power Grid Corporation have also seen a sharp increase in their share prices. Shares of Gujarat PSUs rallied sharply in the run-up to the general elections after opinion polls predicted the BJP is within striking distance of capturing power. With Narendra Modi all set to take over as prime minister, the rally in PSU stocks has gathered further momentum, according to the news paper report.
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