Gujarat Mineral Development Corporation Ltd Share Price – NSE /  BSE

Mining & Mineral products, Small Cap

Deepak Fertilizers & Petrochemicals Corp Ltd, Coforge Ltd, Persistent Systems Ltd, Max Financial Services Ltd are among the other stocks to see a surge in volumes on NSE today, 23 October 2024.

Gujarat Mineral Development Corporation Ltd witnessed volume of 152.93 lakh shares by 14:14 IST on NSE, a 13.28 times surge over two-week average daily volume of 11.52 lakh shares. The stock increased 10.72% to Rs.363.60. Volumes stood at 12.21 lakh shares in the last session.

Deepak Fertilizers & Petrochemicals Corp Ltd notched up volume of 38.95 lakh shares by 14:14 IST on NSE, a 7.67 fold spurt over two-week average daily volume of 5.08 lakh shares. The stock rose 13.97% to Rs.1,094.15. Volumes stood at 4.49 lakh shares in the last session.

Coforge Ltd registered volume of 32.42 lakh shares by 14:14 IST on NSE, a 6.96 fold spurt over two-week average daily volume of 4.66 lakh shares. The stock rose 11.17% to Rs.7,559.55. Volumes stood at 5.64 lakh shares in the last session.

Persistent Systems Ltd clocked volume of 24.07 lakh shares by 14:14 IST on NSE, a 6.5 times surge over two-week average daily volume of 3.70 lakh shares. The stock gained 10.97% to Rs.5,723.95. Volumes stood at 3.29 lakh shares in the last session.

Max Financial Services Ltd clocked volume of 49.45 lakh shares by 14:14 IST on NSE, a 6.13 times surge over two-week average daily volume of 8.07 lakh shares. The stock gained 9.68% to Rs.1,283.70. Volumes stood at 12.48 lakh shares in the last session.

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The headline equity indices traded with minor gains in early afternoon trade. The Nifty traded above the 24,500 level. Auto shares advanced after declining in the previous trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 204.04 points or 0.25% to 80,435.56. The Nifty 50 index rose 61.55 points or 0.27% to 24,533.65.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.70% and the S&P BSE Small-Cap index gained 83%.

The market breadth was strong. On the BSE, 2,265 shares rose and 1,488 shares fell. A total of 127 shares were unchanged.

Economy:

The International Monetary Fund (IMF) maintained its June growth rate projects for India in its latest World Economic Outlook (WEO). IMF stated that India is set to grow at 7% in the current fiscal year ending March 31, 2025 and 6.5% in the next fiscal year (FY2025-26).

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.20% to 14.71. The Nifty 31 October 2024 futures were trading at 24,563.25, at a premium of 29.6 points as compared with the spot at 24,533.65.

The Nifty option chain for the 31 October 2024 expiry showed maximum Call OI of 55 lakh contracts at the 25,000 strike price. Maximum Put OI of 46.6 lakh contracts were seen at 24,500 strike price.

Buzzing Index:

The Nifty Auto index rose 0.43% to 24,732. The index fell 2.14% in the past trading session.

TVS Motor Company (up 3.44%), Exide Industries (up 2.64%), Bajaj Auto (up 2.33%), Samvardhana Motherson International (up 1.95%), Bosch (up 1.76%), Maruti Suzuki India (up 1.38%), Apollo Tyres (up 1.19%), Hero MotoCorp (up 1.1%), Ashok Leyland (up 1%) and Bharat Forge (up 0.96%) edged higher.

On the other hand, Eicher Motors (down 1.11%), Mahindra & Mahindra (down 0.94%) and MRF (down 0.11%) edged lower.

Stocks in Spotlight :

Gujarat Mineral Development Corporation (GMDC) surged 8.88% after the company’s standalone net profit jumped 68.95% to Rs 129.18 crore on 54.93% increase in total income to Rs 593.01 crore in Q2 FY25 over Q2 FY24.

JSW Energy fell 1.02%. The company’s step-down subsidiary, JSW Renew Energy Eleven, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for ISTS connected solar capacity of 700 MW.

Amber Enterprises surged 11.45% after the company reported consolidated net profit of Rs 20.96 crore in Q2 FY25 as compared with net loss of Rs 5.65 crore posted in Q2 FY24. Revenue from operations jumped 81.73% year on year (YoY) to Rs 1,684.70 crore in the quarter ended 30 September 2024.

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Profit before tax stood at Rs 182.53 crore in Q2 FY25, up 64.23% as compared with Rs 111.14 crore recorded in the corresponding quarter last year.

The company reported EBITDA of Rs 203 crore in Q2 FY25, marking a growth of 56% as against Rs 130 crore in Q2 FY24.

On the segmental front, revenue from mining was at Rs 553.58 crore (up 64.32% YoY) and revenue from power stood at Rs 39.45 crore (down 42.83% YoY) during the period under review.

In terms of lignite sales, GMDC achieved a total of 16.59 lakh MT in Q2FY25, representing an impressive 81% increase compared to 9.15 lakh MT in Q2 FY24. The sales value of lignite also saw significant growth, reaching Rs 541 crore, up 88.5% from Rs 287 crore in the previous year.

On half year basis, the company’s standalone net profit rose 7.45% to Rs 313.75 crore on 22.88% increased in revenue to Rs 1,411.14 crore in H1 FY25 over H1 FY24.

Roopwant Singh, IAS, MD, GMDC said, Despite the extended monsoon and challenging conditions, our core business in lignite has produced 39.55 MT in H1 FY25, representing a 44% increase compared to the same last year. This achievement reflects our precision and careful planning in mining operations. In addition to delivering strong financial and operational performance, GMDC has made notable progress in its strategic initiatives. One of the key achievements this quarter was the successful implementation of Mission 18.0, aimed at boosting lignite sales during the monsoon quarter.

Despite the seasonal challenges, GMDC achieved an 81% increase in lignite production, demonstrating the Corporation’s operational resilience. Moreover, the successful completion of the Public Hearing for the Baitarni-West Coal Block further reinforces GMDC’s growth trajectory. In addition, GMDC signed a Supplementary Agreement with Gujarat Urja Vikas Nigam (GUVNL) to amend the Power Purchase Agreement (PPA) for its ATPS project.

Our forward-looking initiatives, such as the Baitarni-West Coal Block and the supplementary agreement with GUVNL, are expected to significantly contribute to our future revenue streams. Additionally, GMDC’s commitment to rare earth element project, through the Ambadongar asset, positions the Corporation to play a crucial role in India’s critical mineral supply chain.”

GMDC is India's second-largest Lignite-producing company and top merchant seller of Lignite. It is a State Public Undertaking of the Government of Gujarat. Company is engaged in mining lignite from deposit-rich areas across the state, company markets it to various high-growth industries, including textiles, chemicals, ceramics, bricks and captive power.

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Net profit of Gujarat Mineral Development Corporation rose 71.44% to Rs 127.86 crore in the quarter ended September 2024 as against Rs 74.58 crore during the previous quarter ended September 2023. Sales rose 54.94% to Rs 593.01 crore in the quarter ended September 2024 as against Rs 382.74 crore during the previous quarter ended September 2023.

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