GMDC hits 52-week high after robust Q1 outcome

Gujarat Mineral Development Corporation surged 8.49% to Rs 98.35 at 10:36 IST on BSE after net profit rose 58.94% to Rs 114.80 crore on 26.79% rise in net sales to Rs 399.30 crore in Q1 June 2016 over Q1 June 2015.

The Q1 result was announced after market hours yesterday, 29 August 2016.

Meanwhile, the S&P BSE Sensex was up 216.04 points or 0.77% at 28,118.70

On BSE, so far 7.07 lakh shares were traded in the counter as against average daily volume of 1.40 lakh shares in the past one quarter. The stock hit a high of Rs 100.50 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 96.25 so far during the day. The stock had hit a 52-week low of Rs 52.35 on 12 February 2016. The stock had outperformed the market over the past 30 days till 29 August 2016, rising 13.95% compared with 0.53% fall in the Sensex. The scrip also outperformed the market in past one quarter, surging 36.93% as against Sensex's 4.63% rise.

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

Gujarat Mineral Development Corporation (GMDC) is primarily engaged in exploration and development of mineral resources. The Gujarat state government currently holds 74% stake in GMDC (as per the shareholding pattern as on 30 June 2016).

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