Nifty hits 20k, top Gujarat co up 1,800x in 22 years Rohan, September 14, 2023October 9, 2023 The Indian stock market celebrated a significant achievement on Monday as the Nifty index reached the milestone of 20,000 points. One region in particular, Gujarat, which has long been known for equity investing, has outperformed the Nifty index with its corporate entities delivering considerably higher returns. In December 2002, the Nifty closed at around 1,000 points, and since then, it has grown twentyfold, reaching the 20,000 level in a span of 22 years. Gujarat-based companies such as Symphony Ltd and Adani Enterprises Ltd have been especially successful, providing returns of over 180,000% and 65,000% respectively during these 22 years. This phenomenal growth has also been demonstrated by pharmaceutical giants like Torrent (23,000%) and Zydus Lifesciences (7,000%), making investors significantly wealthier over the last two decades. For instance, Symphony Limited’s stock price was only 50 paise in December 2001, but it closed at Rs 905 on September 11, 2023, signifying an astonishing increase of 181,090% (or 1,810 times) over the course of 22 years. Market analysts attribute this remarkable growth of Gujarat-based corporations to their strong performance in the business sector over the past two decades. Aasif Hirani, director of a stock broking firm, highlighted that while the Nifty has provided 20-fold returns in the last 22 years, corporate giants in Gujarat such as the Adani Group, Torrent Group, Zydus Group, and Symphony Ltd have delivered much higher returns. As an example, during the Nifty’s journey from 10,000 points in July 2017 to 20,000 points in September 2023, Adani Enterprises has generated a return of 2,871%, while Elecon Engineering has returned 1,211%. Astral Limited’s stock price has increased by 565% since July 2017. Vaibhav Shah, director of another stock broking firm, commented, “Many privately managed companies in Gujarat have consistently outperformed and provided exceptional returns to their shareholders over the past two decades, surpassing the returns of the Nifty.” Investing