Gujarat Mineral Development Corporation (GMDC) rose 1.68% to Rs 51.15 after the company's consolidated net profit jumped 42.8% to Rs 136.11 crore on 52.4% decline in net sales to Rs 240.11 crore in Q1 June 2020 over Q1 June 2019.
Profit before tax (PBT) tanked 90.2% to Rs 12.18 crore in Q1 June 2020 over Q1 June 2019. Current tax expense slumped 86.5% year-on-year to Rs 5.10 crore during the quarter. The Q1 result was declared post market hours yesterday, 26 August 2020.
On the technical front, the stock's RSI (relative strength index) stood at 70.756. 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 moving average (DMA) placed at 42.94 and its 200-day moving average (DMA) placed at 48.10.
GMDC is primarily engaged in exploration and development of mineral resources. The Gujarat state government currently holds 74% stake in GMDC (as on 30 June 2020).
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