GMDC

State-owned GMDC on Tuesday reported nearly four-fold rise in its consolidated profit at Rs 151.2 crore for the quarter ended September 30, 2022. The company had posted a consolidated profit of Rs 40.4 crore in the year-ago period, Gujarat Mineral Development Corporation (GMDC) said in a filing to BSE. The consolidated income of the public sector enterprise increased to Rs 591.4 crore in the July-September period from Rs 494.7 crore in the year-ago quarter, the filing said. GMDC is country's second largest lignite producer.

State-run GMDC on Thursday said it is contemplating to conduct a study to determine the economic viability of setting up a rare earth elements processing unit in Gujarat. Rare-earth elements (REE) also known as rare-earth metals are crucial to developing green energy technologies like permanent magnets for electric vehicles and wind turbines and LEDs. Gujarat Mineral Development Corporation (GMDC) "is looking at conducting a scoping study to determine the economic viability of the project and outline at least one opportunity to develop the processing plant for the deposit at Ambadongar, Chotaudepur district in Gujarat state in India," the PSU said in a statement. The company also plans to carry out a pre-economic assessment for the Ambadongar deposit involving, among other things, formulating a process flow design and all relevant testing for beneficiation and rare earth elements oxide production. "We at GMDC will ensure the establishment of a complete value chain for REE elements,

State-owned Gujarat Mineral Development Corporation (GMDC) on Thursday said it is augmenting lignite output by further 1.5 million tonnes this year. The development assumes significance as the PSU is targetting to build up its lignite production in a bid to support Micro, Small and Medium Enterprises (MSMEs) eyeing for cheaper fuel. GMDC Managing Director Roopwant Singh said that its customer base among MSMEs in textiles, chemicals, and ceramics along with captive power plants is increasing. Hence, the company is increasing its lignite production this year. "This will help us minimising the constantly increasing demand-supply gap and catering the energy requirements in the state," he said. The PSU has invited bids for its Surkha (N) mine in Bhavnagar from lignite mining contractors. The company produced 8.5 million tonnes of lignite last year and plans to increase it to 10 million tonnes this year. "The RFP for lignite Mining at Surkha (N), Bhavnagar, includes two packages with a

According to the analyst from Anand Rathi, GMDC can rally to Rs 168 on the upside, while NMDC can jump to Rs 114.

Company says 10 million tonnes production this year, sees gaining business from small businesses

The mining company has roped in the Boston Consulting Group (BCG) for its strategic transformation, apart from McKinsey & Co. for the development of REE assets

CLOSING BELL: Sectorally, all the indices ended in the green zone, led by the Nifty Realty and Auto indices, up 3.5 per cent and 3 per cent, respectively

At 12:26 pm; GMDC was trading 15 per cent higher at Rs 158, as compared to a 0.13 per cent decline in the S&P BSE Sensex.

Closing Bell: Hindalco, UPL, Sun Pharma, Adani Ports, Divis Labs, and TCS were the top drags, down up to 3.45 per cent

Sectorally, the Nifty PSU Bank index jumped a massive 5 per cent on the NSE, while the Nifty Bank and Private Bank indices added about a per cent each

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.

The company posted net profit at Rs 90 crore in Q4 against Rs 40 crore in a year ago quarter

This comes in the wake of GMDC seeing a growth in its plant load factor from 28% last year to 36% in wind power

The stock rallied 11% to Rs 101 after the company reported 60% year on year jump in profit at Rs 115 crore for Q1 FY17.