GMDC hits 52-week high on robust Q1 results

The stock rallied 11% to Rs 101 after the company reported 60% year on year jump in profit at Rs 115 crore for Q1 FY17.

Shares of Gujarat Mineral Development Corporation (GMDC) hit a 52-week high of Rs 101, up 11% on the BSE, after the company reported 60% year on year jump in net profit of Rs 115 crore for the quarter ended June 30, 2016 (Q1FY17), on the back of healthy operational performance. The state-owned mining company had registered a profit of Rs 72 crore in the same period last year.

Revenue for the quarter-ended June increased 26.8% to Rs 399 from Rs 315 crore in the same quarter of the previous year.

The ebitda (earnings before interest, taxes, depreciation and amortization) margin expanded 360 basis points to 34.8% from 31.2%.

At 09.43 am, the stock was up 10% at Rs 99 on the BSE. The trading volumes on the counter nearly doubled with a combined 2.27 million shares changed hands on the counter on the BSE and NSE.