Rare earth mining stock GMDC rallies 18% in 8 sessions amid fears of supply disruptions
Shares of Gujarat Mineral Development Corporation have increased almost 18% recently. The stock has consistently performed well over the last few trading sessions. GMDC shares reached a high of Rs 420.90 on the NSE. Investor interest in the stock is high on both the BSE and NSE.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
While China's efforts to disrupt the global supply of rare earth elements has become the talking point, state-run Gujarat Mineral Development Corporation (GMDC) shares have silently rallied nearly 18% in the past eight trading sessions, remaining unbeaten six times in a row.Today, GMDC shares surged 2.5% to hit the day's high of Rs 420.90 on the NSE.The smallcap stock has seen high investor traction on the BSE and NSE. Today, the volumes were up by 1.11 times on the BSE.The stock has gained 40% in the past one month, outperforming headline indices Nifty and BSE Sensex by significant margin. The returns by Nifty and Sensex during this period have been 5% and 4%, respectively. The last three months' gains are at 62%.GMDC is India's leading mining and mineral processing company, and the company claims to be the country's top merchant seller of lignite and the number 2 producer of lignite.With a market capitalisation of Rs 13,160 crore, GMDC has seen sharp reversal after hitting its 52 week low of Rs 226.59 on March 3. It is just 6% shy of its 52-week high of Rs 439.90.GMDC's March quarter consolidated net profit was reported at Rs 226 crore, which is growth of 9.2% over Rs 207 crore reported in the year ago period. The consolidated revenue in the quarter under review stood at Rs 904 crore, rising by 10% over Rs 822 crore reported in the corresponding quarter of the last financial year.According to Trendlyne, GMDC's MFI is hovering near 93 MFI and above 80 it is considered to be strongly overbought. This implies that stock may show pullback. Meanwhile, RSI of 78 is a further indication of the stock trading in an overbought zone. RSI above 70 is considered to be overbought.Also Read: Bullish breakout: Wipro, Coforge among 7 IT stocks set for up to 12% gains
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
12 minutes ago
- Time of India
Bank of Maharashtra slashes retail loan rate by up to 50 bps
State-owned Bank of Maharashtra on Thursday said it has reduced its interest rate by up to 50 basis points on retail loans, including home, car, education and other loans linked with Repo Linked Lending Rate. The interest rate reduction by Pune-based lender is in line with the rate moderation done by RBI last week and the new rates are effective from June 10. With the rate cut , its home loan now starts from 7.35 per cent and car loan from 7.7 per cent, which is among the lowest interest rates in the banking industry, BoM said in a statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo This benefit of reduced interest rates reflects the bank's commitment to offer best financing solutions to all its customers and help them fulfil their dreams, it said. In the current interest rate landscape, the bank is making retail loans cheaper to bring in cheer among its customers, it added. Live Events Meanwhile, Bank of Baroda (BoB) also reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across various tenors from one month to one year. Following the RBI action, many banks have slashed lending rate, and remaining will follow suit soon. On Friday, the RBI slashed benchmark interest rate by a larger-than-expected 50 basis points, and unexpectedly reduced the cash reserve ratio for banks to make available more money to lend in a bid to boost the economy. The RBI's six-member monetary policy committee, headed by Governor Sanjay Malhotra and consisting of three external members, voted five to one to lower the benchmark repurchase or repo rate by 50 basis points to 5.5 per cent. It also slashed the cash reserve ratio by 100 basis points to 3 per cent in tranches that will add Rs 2.5 lakh crore to already surplus liquidity in the banking system.
The Print
15 minutes ago
- The Print
Renalyx Health Systems to invest Rs 800 cr for setting up 3 dialysis machine production units
Currently, the company manufactures RxT 17 through contract manufacturing and with the launch of RxT 21, it will set up its own facilities at Bengaluru and Mysuru in Karnataka and at Mumbai in Maharashtra, Renalyx Health Systems Founder and Director Shyam Vasudeva Rao told PTI. RENALYX – RxT 21 machine is world's first fully indigenous, AI and cloud-enabled smart hemodialysis machine with real-time remote monitoring and clinical connectivity facility, the company said. Mumbai, Jun 11 (PTI) Bengaluru-headquartered Renalyx Health Systems on Wednesday said it is planning to invest Rs 800 crore in the next four years to set up three manufacturing units to produce RENALYX – RxT 21 machine that will help dialysis affordable and accessible to a larger population. This is expected to raise the manpower of the company to over 500 people in 1-2 years from the current 100, he added. 'RxT 21 makes Renalyx the sixth company globally and first in India to produce an advanced dialysis machine with EU CE certification, a mandatory conformity marking for products sold within the European Economic Area (EEA). We are aiming for an annual capacity of 5,000 machines in the company-owned manufacturing units,' he added. The Indian CDSCO (Central Drugs Standard Control Organisation) approval of the machine is in its final stages and is expected by July this year, while the US FDA approval process is underway and anticipated by March 2026, he said. When asked how the company is planning to raise Rs 800 crore for setting up the manufacturing units, Rao said, the company will get it through a mix of foreign direct investment (FDIs), equity and debt. 'The company plans to raise funds through the sale of equity, backed by strong interest from prominent Indian and international investors. In addition, it will raise debt, and the promoters will also invest capital. We are also planning to go public within the next three years,' he added. Renalyx Health Systems is a technology innovation company which is focused on delivering inclusive solutions for comprehensive renal care. With initial deployments of the machine planned in Maharashtra and Karnataka, the company will go for rapid pan-India distribution of RxT 21 with its partners as well as exports to other countries. Rao said the company has penetrated international markets, and has secured orders from South Africa, the USA, and Europe. In India, Renalyx plans to install RxT 21 at primary health centres (PHC), community health centres (CHC), private dialysis centres and hospitals to make renal care available to a large number of people. PTI SM HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
15 minutes ago
- The Print
Hind Copper plans Rs 2,000cr capex for core expansion by FY31, excludes PPP projects
However, this capital expenditure excludes the development of the Rakha and Chapri mines in Jharkhand, which are being revived through a Public-Private Partnership (PPP) model. The investment is part of HCL's broader plan to triple its ore production capacity from the current 4 million tonnes per annum (MTPA) to 12.2 MTPA by FY2030-31. Kolkata, Jun 11 (PTI) State-run Hindustan Copper Ltd (HCL) will invest around Rs 2,000 crore over the next five to six years to expand its mining operations, primarily at its flagship Malanjkhand Copper Project (MCP) in Madhya Pradesh, a top company official said. A JSW Group company has secured the Mine Developer and Operator (MDO) contract for the two mining blocks in Jharkhand and is expected to invest around Rs 2,600 crore, including the setting up of a concentrator plant. 'The Rs 2,000 crore capex will be funded by HCL, with the majority directed towards the Malanjkhand Copper Project (MCP), which will see an investment of around Rs 1,400–1,500 crore. The remaining will be allocated to projects at Khetri and the Indian Copper Complex,' HCL Chairman and Managing Director Sanjiv Kr Singh told PTI. According to the company's updated corporate presentation, the Malanjkhand site expansion involves the development of underground mining infrastructure, installation of a paste-fill plant, and setting up of a new concentrator facility. At Khetri in Rajasthan, the focus will be on enhancing mining and concentrator capacities, while at Jharkhand's ICC unit, operations at the Rakha mine are expected to resume by the fourth quarter of the current fiscal. The capex initiative also aligns with HCL's broader strategy of increasing domestic copper availability amid India's rising consumption driven by infrastructure, renewable energy, EVs, and defence manufacturing. In FY25, the company recorded its highest-ever revenue of Rs 2,071 crore and profit before tax of Rs 634 crore. Over the past two years, HCL has added over 123 million tonnes of copper ore resources through exploration and plans to continue augmenting its reserves. The miner is also exploring opportunities to acquire new deposits through upcoming mineral auctions and is collaborating with Chile's CODELCO for technology and knowledge-sharing in mining and beneficiation. HCL, the country's only vertically integrated copper producer, currently holds access to about 45 per cent of India's copper ore resources, the company said. PTI BSM NN This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
