Gujarat companies shine in financial year 2023 despite global turmoil

Leading Gujarat companies outperformed the broader markets in the financial year 2022-23, with up to 78% increases in market capitalization.

Companies such as AIA Engineering (78%), Zydus Lifesciences (41%), Torrent Pharma (10.76%) Gujarat Fluorochem (10.29%) and Torrent Power (3.77%) registered positive returns in this period.

However, a number of other companies including state PSUs lost up to 67% in the financial year.

Analysts say Gujarat-based companies have strong presences in their sectors and bright projections, which helped them do well in a difficult economic scenario.

The sensex showed a very small rise (0.72%) and the Nifty a marginal decline (0.60%) in this financial year. AIA Engineering grew by a whopping 78% in the last financial year, while Zydus Lifesciences appreciated by 40%.