On the BSE, 18.20 lakh shares were traded in the counter so far compared with average daily volumes of 2.22 lakh shares in the past two weeks. The stock hit a 52-week high of Rs 224.75 in intraday today. The stock hit a 52-week low of Rs 122.75 on 28 March 2023.

The stock had outperformed the market over the past one month, rising 20.11% as against Sensex's 2.22% decrease.

The scrip had outperformed the market in past three months, advancing 34.35% as against 5.26% increase in Sensex.

However, the counter had outperformed the market in past one year, surging 28.11% as against Sensex's 10.97% surge.

On the technical front, the stock's daily RSI (relative strength index) stood at 82.299. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50 day, 100-day and 200-day simple moving average (SMA) placed at 172.86, 162.01 and 153.55, respectively. These levels will act as crucial support zones in near term.

GMDC is one of the leading mining players in India. The state-owned company 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. As on 30 June 2023, Government of Gujarat holds 74% stake in the company.

The company reported 36.6% decline in consolidated net profit to Rs 218.70 crore on 33.7% decrease in net sales to Rs 765.60 crore in Q1 FY24 over Q1 FY23.