Shares of Gujarat Mineral Development Corp. jumped over 11% to record high on Tuesday after its Surkha lignite mine received environment clearance for capacity expansion.
The GMDC mine received environment clearance from Ministry of Environment, Forest, and Climate Change to expand its capacity from to 5 MTPA from 3 MTPA, according to exchange filing.
Shares of the company rose as much as 11.32% to hit record high of Rs 502.90 apiece. It pared gains to trade 6.54% higher at Rs 481.30 apiece as of 10:09 a.m. This compares to a 0.61 advance in the NSE Nifty 50 Index.
It has risen 223.15% in 12 months. Total traded volume so far in the day stood at 7.7 times its 30-day average. The relative strength index was at 74.63, which implied the stock is overbought.
Out of two analysts tracking the company, one maintains a 'buy' rating and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 21.6%.
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