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Shares of GMDC have surged 24.98% in four consecutive sessions.
In the past one year, it has surged 148.23% while the benchmark Sensex has added 7.69% during the same period.
On the technical front, the stock's RSI (relative strength index) stood at 83.72. 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 135.42, 135.84 and 129.51, respectively.
GMDC is one of the leading mining player in India. It is State Public Undertaking of the Government of Gujarat. It currently has five operational lignite mines located in Kutch, south Gujarat, and Bhavnagar region. It is purportedly the largest merchant seller of lignite in the country.
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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