Gujarat Mineral signs long term supply agreement with City Gold Pipes
For supply of 150 MT of limestone from its upcoming Lakhpat Punrajpur MineGujarat Mineral Development Corporation (GMDC) has signed a Long-Term Supply Agreement (LSA) with City Gold Pipes (A consortium of Goldcrest Cement and Kailash Darshan Housing Development (Gujarat)) for the supply of 150 million tons of limestone over a period of 40 years from its upcoming Lakhpat Punrajpur Mine in Lakhpat Taluka of Kutch District in Gujarat. Powered by Capital Market - Live News
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Economic Times
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Time of India
16 hours ago
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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 GMDC shares surged 2.5% to hit the day's high of Rs 420.90 on the smallcap stock has seen high investor traction on the BSE and NSE. Today, the volumes were up by 1.11 times on 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 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 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 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 Read: Bullish breakout: Wipro, Coforge among 7 IT stocks set for up to 12% gains
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