Stocks Controlled by Modi’s Home State Rally on Payout Proposal
- Gujarat Industries Power, Gujarat Mineral surge 20% on plan
- The Indian state controls atleast 7 publicly-traded companies
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Stocks of companies controlled by the Indian state of Gujarat gained on Wednesday after its government rolled out a new capital restructuring plan that potentially increases dividend payouts.
The plan triggered a rally among listed firms in which the province owns significant stakes, with some stocks, such as Gujarat Industries Power Co. Ltd. and Gujarat Mineral Development Corp Ltd., surging by as much as 20%. The western Indian state controls at least seven listed firms, data compiled by Bloomberg shows.