India's Gujarat Mineral Development surges about 8% on quarterly profit

Gujarat Mineral Development

26/04/2022 06:28

** Shares of lignite mining and power generation co
 GMDC.NS  rise as much as 7.5% to 218 rupees, their highest
since April 11
    ** Co on Monday reported profit of 1.77 bln rupees ($23.13
mln) for March qtr vs 1.85 bln rupees loss a year ago
 urn:newsml:reuters.com:*:nFWN2WM02Q
    ** Production stood at 25.07 lakh MT, highest for the
quarter in past four years
    ** Co said it partnered with Boston Consulting Group for
strategic transformation, AT Kearney for transformation of
thermal power project, and Deloitte to fast-track six new
lignite mining projects
    ** About 7.1 mln shares change hands vs the 30-day avg of
5.7 mln
    ** GMDC shares up 182% YTD after gaining 40.4% last year

($1 = 76.5300 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))