GMDC Soars 15% After Posting Impressive Quarterly Result

The shares of Gujarat Mineral Development Corporation Ltd (GMDC), a state-owned leading mining company on Wednesday surged almost by 15% in the morning hours on the BSE as the company posted impressive quarterly financial result.

The company reported a standalone net profit of Rs 90.1 crore for the quarter ended March 31, 2017, an increase of 125% as against Rs 39.54 crore for the same quarter in the previous year.

The stock witnessed a spurt in the volume by more than 21.89 times and hit an intraday high of Rs 145 per share on the BSE.

It is trading up by 7.5% at Rs 134.95 per share at 12:55 PM IST on BSE.

Gujarat Mineral Development Corporation Limited operates through two segments: mining and power. The company's projects include lignite, bauxite, fluorspar, multi-metal, manganese, power, wind and solar.

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