GMDC becomes ‘Popeye’ of its own boat

Gujarat Mineral Development Corporation, had a good day on streets on Aug 30. Company is the major minerals and lignite mining company of India. Stocks of the company surged on robust numbers posted in Q1FY17. In Q1FY17, total income from operation of the company stands at Rs 399.3 crores, which has increased by 27 per cent as compared to Q1FY16. EBITDA too has seen a double digit growth with an increase of Rs 41 per cent as compared to the Q1FY16. Net profits in Q1FY17, stand at Rs 114.8 crores which has increased by 59 per cent as compared to the corresponding quarter of the previous fiscal. Company on Aug 30 has hit its 52 week high.

Scrip of the company is the third largest gainer of the day, closing at a price of Rs 98.15, up by 8.27 per cent. In the last 5 days, shares have surged by 9 per cent. In the last 3 months, shares of the company have surged by 42 per cent. Day ended on a high with Nifty hitting a 16 month high. Nifty closed at Rs 8744.65, on the other hand Sensex was at its 52-week high and closed at 28343 gaining almost 440 points.