GMDC soars 15% on heavy volumes; stock more-than-doubled in 2 months

CARE Ratings believes that GMDC will continue to maintain its dominant market position in the lignite mining business with a healthy operating performance backed by sales volume growth.

Shares of Gujarat Mineral Development Corporation (GMDC) hit a new high of Rs 367.70, as they rallied 15 per cent on the BSE in Tuesday’s intra-day trade on the back of heavy volumes. In past two months, the stock price of GMDC has more-than-doubled or zoomed 117 per cent.

The average trading volumes on the counter more-than-doubled today with a combined 25.86 million equity shares, representing 8.1 per cent of total equity of GMDC, changing hands on the NSE and BSE till 12:59 PM. In comparison, the S&P BSE Sensex was up 0.79 per cent at 66,028.

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