Why are the shares of Gujarat Ambuja Exports Ltd up so sharply in last few months?

Gujarat Ambuja Exports scaled a new high of Rs.329.55 on the back of heavy volumes on 13th April. What is interesting to note is that just in the lats 2 months the stock price has zoomed 85% from Rs 178, to Rs.329. This is at a time when the benchmark Sensex is up just about 3.6%. Gujarat Ambuja Exports is broadly into refined soya bean oil, de-oiled cakes, maize products, starch, glucose, sorbitol, dextrose monohydrate powder and cotton yarn.

Gujarat Ambuja Exports is the largest player in maize processing industry with a capacity of 3000 tons crushed per day (TCD) and an imposing market share of 30% in the Indian market. It is also setting up a Greenfield corn wet milling plant in Uttarakhand entailing an investment of Rs.500 crore. This mill will manufacture starch, starch derivatives and polyols. The capacity addition of 1000 TPD will be completed in 18 months.