Indian miner GMDC hits record high; eyes best week in more than 3-1/2 years

Gujarat Mineral Development

05/09/2025 09:33

** Gujarat Mineral Development Corporation GMDC.NS jumps 12% to record high of 510 rupees; set for sharpest intraday pct gain in seven weeks

** Stock soars ~26% this week; set for best weekly gain since week ended January 14, 2022

** Week's gains driven by government approving 15 bln-rupee ($171.4 mln) incentive scheme on Wednesday to promote critical mineral recycling in country

** Stock rose 4.5% on Wednesday before announcement in anticipation of approval, fell marginally on Thursday

** 677,001 shares traded in 5 block deals at 488.5-511.5 rupees, data compiled by LSEG showed

** Overall more than 26.5 mln shares traded, 5.8x 30-day moving avg; stock sees busiest session since July 18

** YTD, GMDC gains 58%

($1 = 87.5060 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)

 ((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))