GMDC rises 7.5%

GMDC opened over 7.5% higher today at Rs.139.30 and rose more than 11.5% to hit an intraday high at Rs.144.40 while volumes spurted up 4x. Its 52-week high stands at Rs.228.50.

The company did very well for Q3FY23 with a 78% (YoY) jump in consolidated net profit at Rs.266.11 on an income of Rs.912 crore, up 19.5%.

Its total production across all mines during 9MFY23 was 57.26 lakhs MT, against 63.29 lakhs MT in 9MFY22 and in power segment, the total MU’s generated stood at 872.96 in 9MFY23 as against 642.98 MU in 9MFY22.

The company has said the next quarters will see an increase in investments across various segments as can be seen by the number of bids GMDC has placed under the latest tranche in the commercial coal block auction recently conducted by the Ministry of Coal.