 "Deccan Gold Mines share price fell on December 30")
Deccan Gold Mines share price today: Deccan Gold Mines share price tumbled nearly 10 per cent in Tuesday's session amid increased selling pressure post the company's rights issue. The scrip slumped 9.9 per cent to ₹95 on BSE in the intraday trade.
The scrip is treading toward its 52-week low of ₹81.21, touched on March 27. On the contray, Deccan Gold Mines' share price rose to a 52-week high of ₹162.32 on June 5.
The stock fell below its 200-day moving average of ₹126.66 in late November, which might have triggered a bearish sentiment for the stock price. Deccan Gold Mines has been struggling to recover after breaking its long-term support level.
So far on BSE today, Deccan Gold Mines' 0.76 million shares have changed hands on the counter, as against its two-week average volume of 0.15 million shares.
On a year-to-date basis, the counter price has declined 12.13 per cent in CY-2025, compared to a 7.64 per cent advance in the BSE Sensex index.
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Why did Deccan Gold Mines' share price fall today?
Deccan Gold Mines' share price fell as the bearish sentiment amplified. Moreover, recent volatility in non-ferrous metal prices in the international markets also dented the appetite for the stock. Meanwhile, the board of the company has approved the allotment of 39.3 million fully paid-up equity shares at an issue price of ₹80 per right equity. The issue price includes a premium of ₹79.
Deccan Gold Mines approved the allotment of the equity shares to the eligible shareholders. The allotted shares will be ranked equally with all existing shares of the company.
Post the rights issue, the company’s total paid-up equity share capital stands at ₹19.70 crore compared to ₹15.76 crore, the company said in the exchange filing.
In a recent development, Deccan Gold Mines disclosed that they have proposed to invest in a tungsten project in Spain. The company can take up to 75 per cent prior production.
The Logrosan project is at an early stage of exploration. However, it has an opportunity to convert discovered mineralisation to mineral resources within one to two years, Deccan Gold said in the exchange filing.
Tungsten is a critical mineral that is used in defence, aerospace, high-temperature alloys, industrial cutting tools, and electronics.
Analyst's View: Deccan Gold Mine is trading in a board congestion range of ₹80 – ₹150 zone for past more than two years having immediate resistance around ₹118 that is the confluence zone of 100 and 200 Daily Exponential Moving Average, said Vipin Kumar, assistant vice president, technical and derivatives research at Globe Capital Markets. The recent bounce back from the lower band of the said congestion zone also faced resistance around the same resistance levels. Going ahead, one should consider a technical entry around the lower band of congestion zone in range ₹85-₹80 with closing stop loss at ₹75 for immediate levels of ₹118, he added.  "defence sector, defence, army, Armed forces")
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