Gujarat Mineral Development Corporation (GMDC) shares experienced a dramatic surge of 18.2% on the NSE, reaching a 52-week high of ₹736 from the previous close of ₹622.30. According to reports from The Hindu BusinessLine, this marked the stock's sharpest single-day gain since July last year, with the rally extending gains for three consecutive trading sessions. The company's total market capitalisation stood at ₹23,031.15 crore, while its free float market capitalisation was ₹5,977.32 crore. As per The Economic Times, the latest surge came amid strong trading volumes with around 3.47 crore shares changing hands, translating into a turnover of more than ₹2,400 crore.
The rally in GMDC shares aligned with broader strength in the metal sector, with the Nifty Metal index leading sectoral gainers and rising over 1% in today's trade. As reported by The Hindu BusinessLine, other metal stocks including Hindalco, Hindustan Zinc, National Aluminium, Vedanta and Hindustan Copper also posted solid gains in the range of 2-3%, lifting overall sentiment in the metals space. The Nifty Metal index's performance contributed significantly to the positive momentum in the sector.
Despite recent market volatility, GMDC has demonstrated remarkable long-term growth across multiple timeframes. According to The Economic Times, the stock has gained 36% over the past one month and is up 23% over the last six months. On a year-to-date basis, it has risen 21%, while over the past one year, it has surged 130%. Over a longer five-year period, the stock has been a standout performer, rallying as much as 1,200%. This consistent performance reflects the company's strong fundamentals and growth prospects in the mining sector.
The company reported mixed financial results for Q3 FY26, with net profit declining 10% to ₹133 crore from ₹147.7 crore in the same period last year, as reported by The Economic Times. Revenue for the quarter fell 11.3% to ₹579 crore from ₹653 crore in Q3 FY25. However, EBITDA rose 9.5% to ₹101.2 crore compared with ₹92.4 crore a year ago, with margins improving to 17.5% from 14.1% in the corresponding quarter. This performance indicates the company's ability to maintain profitability despite revenue challenges.
In a significant strategic development, GMDC announced a Memorandum of Understanding (MoU) with Navratna firm NMDC to explore opportunities for collaboration in the Rare Earth Elements (REE) sector, as reported by The Economic Times. The partnership will focus on assessing the potential development of an integrated rare earth value chain in Gujarat, including exploration, mining, beneficiation, processing and downstream applications. This collaboration positions the company at the forefront of India's rare earth development initiatives and could significantly enhance its long-term growth prospects in the specialized minerals sector.
