As of 11:40 am, the Bharatiya Janata Party (BJP) is leading in 154 seats, while the Trinamool Congress (TMC) is ahead in 108 seats. If the final outcome aligns with these early trends, the BJP will be poised to form its maiden government in West Bengal.
Chief Minister Mamata Banerjee is currently leading from Bhabanipur against BJP’s Suvendu Adhikari.
Ishan Tanna of Ashika Capital said better Centre-state alignment in Bengal could improve project execution and policy implementation, which may support capex-linked sectors. As a result, the shares of West Bengal-headquartered companies will be in the spotlight.
West Bengal-headquartered private companies
Bandhan Bank began operations as a universal bank in August 2015 with its headquarters in Kolkata. The private lender recently reported a strong set of quarterly results, fuelling a sharp rally in the share price. The Kolkata-based company saw its share price jump nearly 7% to hit a fresh 52-week high of Rs 212.66 apiece on NSE on Monday. The stock has gained nearly 16% in one week and more than 44% in one month.
Calcutta Electric Supply Corporation (CESC) is the Kolkata-based flagship company of the RP-Sanjiv Goenka Group. RP Sanjiv Goenka (RPSG) Ventures is also headquartered in Kolkata. Meanwhile, the registered and head office of Graphite India are also in Kolkata.
FMCG majors ITC and Emami are headquartered in Kolkata, although their operations spread across several states. Britannia Industries was established in Kolkata back in 1892, but later shifted its headquarters to Bengaluru. Similarly, Dabur was established in 1884 in Kolkata, but moved its headquarters to New Delhi.
Tata Consumer Products has its registered office in Kolkata, while its corporate headquarters is in Mumbai.
Meanwhile, in the cement space, MP Birla Group’s flagship company, Birla Corporation, is headquartered in Kolkata. Shree Cement, which is India’s third-largest cement producer, has shifted its headquarters from Kolkata to Gurugram. It still holds a strong market share in West Bengal.
Engineering, procurement and construction majors KEC International and Kalpataru Projects International have a strong presence in the state, though both are headquartered in Mumbai. Gas suppliers Linde India and Ellenbarrie Industrial Gases, along with Himadri Speciality Chemicals and PCBL, are headquartered in Kolkata.
Popular paint-maker Berger Paints and plywood manufacturers Century Plyboards and Greenply Industries are also based in Kolkata. In the apparel segment, Lux Industries, Rupa & Company, Baazar Style Retail and Vedant Fashions have their headquarters in the city.
Other companies with headquarters or registered offices in West Bengal include: Exide Industries, Ramkrishna Forgings, Usha Martin, Jupiter Wagons, Eveready Industries, Shyam Metalics, Vikram Solar, Senco Gold, Tega Industries, Balrampur Chini Mills, Bata India, Saregama India, Vesuvius India, Jai Balaji Industries, Skipper, IFB Industries, WPIL, Websol Energy System and Crizac.
PSU companies in West Bengal
In the PSU segment, Coal India, Garden Reach Shipbuilders & Engineers (GRSE), UCO Bank, Balmer Lawrie & Company, MSTC and Hindustan Copper are based in West Bengal. Notably, this is not an exhaustive list, and there may be more companies that are based in the state.
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While investors are closely tracking the outcome of the state elections and their impact on these stocks, analysts noted that the effect will only be for the short-term. “Today’s market action may be unduly influenced by the state election results, with focus on West Bengal. But it is important to note that this will only have a very short-term sentimental impact. The real market trend will be guided by the crude oil prices, which, in turn, will be decided by the news and happenings in West Asia,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)