 "GMDC surges 16% as Q4 profit more than doubles")
Gujarat Mineral Development Corporation (GMDC) surged 16% to Rs 145, also its 52-week high on BSE in early morning trade, after the company more than doubled its standalone net profit at Rs 90 crore for the quarter ended March 2017 (Q4FY17). The mining company had profit of Rs 40 crore in the same quarter year ago.
Total income from operations during the quarter under review rose 49% to Rs 525 crore against Rs 353 crore in the corresponding quarter of previous fiscal.
The consolidated net profit for the financial year 2016-17 (FY17) has increased 48% to Rs 324 crore as compared with Rs 219 crore in FY16.
The board of directors of the company has recommended dividend of Rs 3 per equity share of Rs 2 each for financial year ended on March 31, 2017.
At 9:23 am; the stock was up 13% at Rs 142 on BSE as compared to 0.41% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with a combined 1.96 million shares changed hands on the BSE and NSE so far.
Total income from operations during the quarter under review rose 49% to Rs 525 crore against Rs 353 crore in the corresponding quarter of previous fiscal.
The consolidated net profit for the financial year 2016-17 (FY17) has increased 48% to Rs 324 crore as compared with Rs 219 crore in FY16.
The board of directors of the company has recommended dividend of Rs 3 per equity share of Rs 2 each for financial year ended on March 31, 2017.
At 9:23 am; the stock was up 13% at Rs 142 on BSE as compared to 0.41% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with a combined 1.96 million shares changed hands on the BSE and NSE so far.
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