GMDC soars in pre-results rally

DALAL STREET SPIKES

Gujarat Mineral Development Corporation (GMDC) emerged the seventh largest gainer among A group stocks, rising by about 4.4 per cent to close at Rs 394 in anticipation of the third quarter results.

However, the company announced its results after the markets closed for the day. While the top line showed a modest 17 per cent year on year growth to Rs 139.8 crore, net profit increased a phenomenal 38 times to Rs 52.7 crore.

GMDC is the country's largest merchant seller of lignite and also has interests in minerals such as bauxite and manganese, among others.