Gujarat Mineral Development Corporation Jumps 11% On Strong Q1

Gujarat Mineral Development Corporation (GMDC) shares jumped nearly 11 per cent to hit 52-week high of Rs 100.50 on Tuesday after the Ahmedabad-based miner reported strong earnings for the April-June quarter. 

Gujarat Mineral Development Corporation reported 60 per cent jump in its net profit at Rs 115 crore in Q1, aided by an improvement in its operating margin. Revenue of the state-owned miner increased 27 per cent to Rs 399 crore in Q1. 

Profitability of the state-owned miner improved in the June quarter. Gujarat Mineral Development Corporation's operating or EBITDA margin expanded by 360 basis points to 34.8 per cent. 

Gujarat Mineral Development Corporation shares closed 7.88 per cent higher at Rs 97.85, compared to 1.59 per cent gain in the Nifty50 index.