GMDC rises on bargain hunting

Meanwhile, the S&P BSE Sensex was up 107.70 points, or 0.54%, to 20,138.47.

On BSE, 17,000 shares were traded in the counter as against an average daily volume of 16,050 shares in the past one quarter.

The stock hit a high of Rs 141 and a low of Rs 135 so far during the day. The stock had hit a 52-week high of Rs 221.70 on 23 November 2012. The stock had hit a 52-week low of Rs 135.05 on 24 May 2013.

Gujarat Mineral Development Corporation (GMDC) jumped on bargain hunting after the stock fell 9.52% in the preceding eight trading sessions to Rs 135.95 on 27 May 2013, from a recent high of Rs 150.25 on 15 May 2013.

The stock had underperformed the market over the past one month till 27 May 2013, sliding 10.97% compared with the Sensex's 3.86% rise. The scrip had also underperformed the market in past one quarter, falling 27.84% as against Sensex's 4.59% rise.

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

Net profit of GMDC declined 0.20% to Rs 112.23 crore on 7.97% fall in net sales to Rs 353.37 crore in Q3 December 2012 over Q3 December 2011.

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 2013, the Gujarat state government held 74% stake in GMDC.

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