Gujarat Mineral Development Corporation (GMDC) jumped 4.43% to Rs 185.15, extending gains for the second straight session.
Shares of GMDC have rallied 14.29% in two sessions. The stock hit a 52-week high of 192.50 in intraday today.
In the past one year, it has surged 240.90% while the benchmark Sensex has added 18.58% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 72.71. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 135.88, 103.47 and 87.05, respectively.
GMDC operates through two segments: mining and power. The company's projects include lignite, bauxite, fluorspar, multi-metal, manganese, power, wind and solar. The State Government of Gujarat holds 74% stake in the company.
On a consolidated basis, GMDC reported net profit of Rs 149.82 crore in Q3 December 2021 as against net loss of Rs 2.76 crore in Q3 December 2020. Net sales surged 120.06% to Rs 724.58 crore in Q3 December 2021 over Q3 December 2020.
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