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
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
a day ago
- Economic Times
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
Time of India
a day ago
- Time of India
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
&w=3840&q=100)
Business Standard
6 days ago
- Business Standard
What's behind 40% surge in GMDC stock price in past one month?
Shares of GMDC moved higher by 8 per cent to hit an over 10-month high of ₹414 on the BSE in Friday's intra-day trade amid heavy volumes. SI Reporter Mumbai Share price of Gujarat Mineral Development Corporation (GMDC) today Shares of Gujarat Mineral Development Corporation (GMDC) moved higher by 8 per cent to hit an over 10-month high of ₹414 on the BSE in Friday's intra-day trade amid heavy volumes. The stock price of this industrial minerals company now quotes at its highest level since July 25, 2024. It had hit a 52-week high of ₹439.90 on July 9, 2024. In the past one month, GMDC outran the market by surging 40 per cent, as compared to 2 per cent rise in the BSE Sensex. It has bounced back 83 per cent from its 52-week low of ₹226.20 touched on March 3, 2025. At 02:33 PM: GMDC was quoting 7 per cent higher at ₹408.10, as compared to 0.92 per cent rise in the BSE Sensex. The average trading volumes at the counter jumped six-fold. A combined 14.53 million equity shares representing 4.6 per cent of total equity of GMDC changed hands on the NSE and BSE. What's driving the 40% surge in GMDC's stock price in the past one month? India's incentive scheme for recycling of critical minerals is in the final stages of getting approvals, as the country strives to meet its clean energy goals, according to a mines ministry government document, Reuters reported. The scheme, which will include lithium-ion batteries, will give a capex subsidy to eligible recyclers, according to the document shared with reporters at an event. India is planning to launch incentives for the recycling of 24 critical minerals this year, including lithium and cobalt, Reuters reported in April. According to media reports, GMDC has targeted to spend ₹13,000 crore in capital expenditure till 2030. An estimated 46 percent of this capex is expected to be spent on acquiring land for various projects including the coal mining projects in Odisha. Approximately ₹3,000- 4,000 crore (of the proposed capex) is for critical mineral projects - two of them. An additional ₹4,000 crore is for coal projects, ₹3,000 crore for lignite projects and the company would still need to spend in excess of ₹1,000 crore for existing lignite projects, as per reports quoting Roopwant Singh (IAS), Managing Director, GMDC. Meanwhile, Roopwant Singh, while announcing March 2025 quarter results on May 15, 2025 said that FY25 has been a year of steady performance and disciplined operations for GMDC. The company has remained focused on consistency and efficiency, while also moving ahead with key long-term projects. The progress made in Odisha, particularly in the Baitarani West block, reflects the company's future-ready approach and commitment to timely execution in line with national energy priorities. GMDC Outlook GMDC derives its strength from a distinguished track record of operations, a dominant position in the lignite mining sector, a diversified clientele spanning multiple industries, and favourable demand prospects. Looking ahead, GMDC has formulated strategic plans to significantly deepen its market presence by scaling up lignite production capacity by FY26. The company aims to elevate its lignite production to 15 million tonnes and is proactively seeking new mining leases to support this ambitious growth target. Additionally, GMDC is poised to leverage its substantial 1,700 million tonnes of limestone reserves, aspiring to become a long-term limestone supplier by commercialising these extensive resources, the company said in its FY24 annual report. About Gujarat Mineral Development Corporation GMDC is India's second-largest Lignite-producing company and top merchant seller of Lignite. It is a State Public Undertaking of the Government of Gujarat. The company is engaged in mining lignite from deposit-rich areas across the state, and markets it to various high-growth industries, including textiles, chemicals, ceramics, bricks and captive power.
