India's Gujarat Mineral Development gains on hopes of PLI for rare earth magnets

Gujarat Mineral Development

06/06/2025 08:30

** Shares of Gujarat Mineral Development Corporation (GMDC) GMDC.NS rise 4.9% to 401.50 rupees apiece

** Rise in the mining and mineral processing company comes after Reuters reports India is in talks with companies to establish long-term stockpiles of rare earth magnets

** The Indian government is looking to offer production-linked fiscal incentives (PLI) for domestic production, according to people familiar with the matter

** While building a supply chain for rare earth magnets could take years, it would lower India's dependence on shipments from China

** China's measures on April 4 to curb exports of rare earth materials sent shockwaves in the Indian auto industry

** GMDC shares up 19% in 2025 so far outperforming smallcap index .NIFSMCP100 which is down 1.1%, exchange data shows

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))