GMDC hits 52-week low after weak Q1 earnings

Gujarat Mineral Development Corporation lost 2.62% to Rs 87.25 at 11:29 IST on BSE after net profit fell 43.7% to Rs 73.55 crore on 25.3% decline in net sales to Rs 316.60 crore in Q1 June 2015 over Q1 June 2014.

The Q1 result was announced after market hours yesterday, 10 August 2015.

Meanwhile, the S&P BSE Sensex was down 130.57 points or 0.46% at 27,971.15.

On BSE, so far 33,000 shares were traded in the counter as against average daily volume of 58,755 shares in the past one quarter.

The stock hit a low of Rs 86 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 88.95 so far during the day. The stock had hit a 52-week high of Rs 162 on 14 October 2014.

The stock had underperformed the market over the past one month till 10 August 2015, sliding 5.44% compared with the Sensex's 1.59% rise. The scrip had also underperformed the market in past one quarter, declining 6.76% as against Sensex's 3.68% 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. Gujarat state government holds 74% stake in GMDC (as per the shareholding pattern as on 30 June 2015).

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