Shares of Gujarat Mineral Development Corp. plunged over 11% on Thursday after it second-quarter profit declined.
The company's profit fell 50.7% year-on-year to Rs 74.6 crore for the quarter ended September, according to an exchange filing.
Gujarat Mineral Development Corp. Q2 FY24 Highlights (Consolidated, YoY)
Revenue down 29% to Rs 382.7 crore vs Rs 538.9 crore.
Ebitda down 69% at Rs 52.9 crore vs Rs 171.1 crore.
Margin at 13.8% vs 31.7%
Reported profit down 50.7% to Rs 74.6 crore vs Rs 151.2 crore.
Shares of Gujarat Mineral Development Corp. fell as much as 11.28%, before paring loss to trade 7.02% lower at 10:14 a.m. This compares to a 0.70% advance in the benchmark NSE Nifty 50.
The stock has risen 123.76% on a year-to-date basis. The total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 43.81 as of 10:14 a.m.
Of the two analyst tracking the company, one maintains a 'buy' rating on the stock and one recommends a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 13.9%.
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