GMDC falls after weak Q3 result

Gujarat Mineral Development Corporation lost 2.02% to Rs 101.80 at 13:16 IST on BSE, after net profit fell 34.7% to Rs 82.30 crore on 17.7% decline in net sales to Rs 290.99 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced after market hours on Wednesday, 12 February 2014.

Meanwhile, the S&P BSE Sensex was down 162.77 points or 0.8% at 20,285.72

On BSE, so far 11,249 shares were traded in the counter as against average daily volume of 35,808 shares in the past one quarter.

The stock hit a high of Rs 103.40 and low of Rs 101.30 so far during the day. The stock had hit a 52-week low of Rs 76 on 2 August 2013. The stock had hit a 52-week high of Rs 196.05 on 14 February 2013.

The mid-cap company has equity capital of Rs 63.60 crore. Face value per share is Rs 2.

The stock had underperformed the market over the past one month till 12 February 2014, falling 9.89% compared with the Sensex's 1.49% fall. The scrip, however, outperformed the market in past one quarter, rising 3.69% as against Sensex's 0.82% rise.

GMDC is primarily engaged in exploration and development of mineral resources. The company produces lignite, bauxite, calcined bauxite, fluorspar and manganese ore. It is also engaged in the generation of power. The company offers lignite for various industrial units, including textiles, chemicals, ceramics, bricks and captive power.

As on 31 December 2013, the Gujarat state government held 74% stake in GMDC.

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