GMDC Stock Jumps 13% After Guiding For Four-Time Increase In Net Worth By 2028
Shares of Gujarat Mineral Development Corp. rose to their highest level in nearly 16 years after the company guided for a four-fold increase in net worth by 2027–2028,
The company emerged as the highest bidder for two coal mines in Odisha in an auction conducted by the Ministry of Coal, it said in its annual report.
It won the bids for Odisha's Burapahar block in Sundargarh district, which has a geological reserve of 548 million tonne, and the Baitarani (West) block in Angul district, with a geological reserve of 1,097 million tonne of coal.
GMDC plans to commission these mines over the next three years, with an expected investment in excess of Rs 5,000 crore in the next five to seven years.
"These two projects are projected to become our backbone. The net worth of GMDC, which currently stands (as of March 31, 2023) at Rs 5,759 crore, will increase by four times by 2027–28," stated the annual report released on Sept. 8.
Shares of Gujarat Mineral Development Corp. jumped 13.22%, its highest since Nov. 20, 2007, before paring gains to trade 10.4% higher at 2:18 p.m. This compares to a 0.65% rise in the NSE Nifty 50.
The average traded volume so far in the day stood at 2.21 times its monthly average, while the relative strength index was at 77, indicating that the stock may be overbought.
One analyst tracking the company maintains a 'sell' rating, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 47%.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
