GMDC rises after large bulk deal

Gujarat Mineral Development Corporation rose 1.24% to Rs 97.95 at 11:56 IST on BSE, after 0.44% equity changed hands in a bulk deal on the BSE today, 8 May 2015.

A bulk deal of 14 lakh shares was executed on the Gujarat Mineral Development Corporation (GMDC) counter at Rs 98 per share at 10:25 IST on BSE today, 8 May 2015.

Meanwhile, the S&P BSE Sensex was up 440.46 points or 1.66% at 27,039.57

Bulk deal boosted volume on the GMDC counter. On BSE, so far 14.34 lakh shares were traded in the counter as against average daily volume of 1.23 lakh shares in the past one quarter.

The stock hit a high of Rs 99.90 and low of Rs 97.10 so far during the day. The stock had hit a 52-week low of Rs 96.25 on 7 May 2015. The stock had hit a 52-week high of Rs 180.60 on 24 June 2014.

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 7 May 2015, falling 17.13% compared with 6.72% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 19.88% as against Sensex's 7.38% fall.

GMDC's net profit fell 3.2% to Rs 79.68 crore on 12.2% rise in net sales to Rs 326.37 crore in Q3 December 2014 over Q3 December 2013.

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 March 2015, the Gujarat state government held 74% stake in GMDC.

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