GMDC snaps 4-day wining streak; adds over 134% in three months

Gujarat Mineral Development Corporation (GMDC) slipped 1.79% to Rs 164.60, amid some bit of profit booking.

The stock had advanced 26.35% in the past four sessions to end at Rs 167.60 yesterday, from its recent closing low of Rs 132.65 recorded on 28 February 2022.

In the past three months, the stock had zoomed 134.35% while the benchmark Sensex has lost 9.84% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 67.798. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock is currently trading 5.40% below its 52-week high of Rs 174 hit today. It has risen 216.54 % from its 52-week low of Rs 52 recorded on 22 April 2021.

The scrip was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 113.73, 92.36 and 81.43, respectively.

GMDC is one of the leading mining player in India. It is State Public Undertaking of the Government of Gujarat. It currently has five operational lignite mines located in Kutch, south Gujarat, and Bhavnagar region. It is purportedly the largest merchant seller of lignite in the country.

On a consolidated basis, GMDC reported net profit of Rs 149.82 crore in Q3 December 2021 as against net loss of Rs 2.76 crore in Q3 December 2020. Net sales surged 120.06% to Rs 724.58 crore in Q3 December 2021 over Q3 December 2020.

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