GMDC shares surge 11 per cent on reporting 59% jump in Q1 net profit

By: | Published: August 30, 2016 11:22 AM

Gujarat Mineral Development Corporation (GMDC) shares surged nearly 11 per cent on Tuesday after it posted 58.94 per cent increase in its net profit at Rs 114.80 crore for the quarter ended June 30, 2016 as against Rs 72.23 crore for the same quarter in the previous year.

GMDC shares surge 11 per cent on reporting 59% jump in Q1 net profitGujarat Mineral Development Corporation (GMDC) shares surged nearly 11 per cent on Tuesday after it posted 58.94 per cent increase in its net profit at Rs 114.80 crore for the quarter ended June 30, 2016 as against Rs 72.23 crore for the same quarter in the previous year.

Gujarat Mineral Development Corporation (GMDC) shares surged nearly 11 per cent on Tuesday after it posted 58.94 per cent increase in its net profit at Rs 114.80 crore for the quarter ended June 30, 2016 as against Rs 72.23 crore for the same quarter in the previous year. The company’s total income stood at Rs 447.48 crore, registering an increase of of 26.02 per cent for the quarter under review from Rs 355.08 crore for the corresponding quarter of the previous year.

Reacting to the news, GMDC shares were trading 7.56 per cent up at Rs 97.50 at 10.53 amn. The scrip opened at Rs 98 and has touched a high and low of Rs 100.50 and 96.25, respectively. Sensex was trading 201.41 points up at 28,104.07.

The BSE group ‘A’ stock of face value Rs 2 has touched a 52-week-high of Rs 100.50 on Aug 30, 2016 and a 52-week-low of Rs 52.35 on Feb 12, 2016.

The promoters holding in the company stood at 74 per cent, while Institutions and Non-Institutions held 15.12 per cent and 10.88 per cent respectively.

GMDC is engaged in business of mining and mineral processing. The company manufactures two grades of fluorspar namely acid and metallurgical. It owns two bauxite reserve located at Kutch and Jamnagar.

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