India's Gujarat Mineral Development Corporation sinks after qtrly profit fall

Gujarat Mineral Development

02/11/2023 05:23

** Shares of Gujarat Mineral Development Corporation
 GMDC.NS  fall 11.3% to 312.20
    ** Co on Wednesday reported a 51.3% fall in consolidated
profit for qtr ended Sept. 30 to 745.9 mln rupees
    ** Stock on track to decline for fourth straight session, if
trend holds
    ** Stock currently above its 100-, 200-day simple moving
avg; GMDC has been above 100-day SMA since Apr. 26
    ** Qtrly consolidated rev from ops fell ~29% rupees; mining
segment rev, the biggest contributor, fell 30.5% Y/Y
    ** About 8.1 mln shares traded as of 10:32 a.m. IST, vs
30-day avg of ~9.8 mln shares 
    ** GMDC last down 7.8%; including session's move, stock up
120.7% YTD 

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))