Stock of this smallcap state-owned mining firm has zoomed 44% in one week

In the past one week, the stock has zoomed 44 per cent, on expectation of improvement of company's performance, primarily due to the price hikes taken in the lignite division.

Shares of Gujarat Mineral Development Corporation (GMDC) moved higher by 15 per cent to Rs 107.70, which is also its 52-week high on the BSE in Friday’s intra-day trade on the back of heavy volumes. The stock of the state-owned coal company surpassed its previous high of Rs 94.70 touched on Thursday.

At 01:51 pm, GMDC was trading 14 per cent higher at Rs 106.05, as compared to a 0.13 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped nearly five-fold with a combined 25.93 million shares, representing 8 per cent of total