Shares of Gujarat Mineral Development Corporation (GMDC) has tanked nearly 7% to Rs 97 on BSE, after reporting a sharp 73% year on year decline in standalone net profit at Rs 46 crore for the quarter ended September 30 (Q2) due to drop in net sales. The company had profit of Rs 169 crore in a year ago quarter.
During the quarter review, the company’s total income from operation more than halved at Rs 175 crore against Rs 382 crore in the corresponding quarter of previous fiscal.
“Lower production and sales during the quarter in South Gujarat mines was due to prolonged heavy rain,” GMDC said in a statement.
The stock opened at Rs 100 and hit a high of Rs 101 so far. A combined around 100,000 shares have changed hands on the counter till morning deals on BSE and NSE.
During the quarter review, the company’s total income from operation more than halved at Rs 175 crore against Rs 382 crore in the corresponding quarter of previous fiscal.
“Lower production and sales during the quarter in South Gujarat mines was due to prolonged heavy rain,” GMDC said in a statement.
The stock opened at Rs 100 and hit a high of Rs 101 so far. A combined around 100,000 shares have changed hands on the counter till morning deals on BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%