GMDC Shares Jump 9% As Net Profits Soar

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Shares in Gujarat Mineral Development Corporation (GMDC) surged 9 per cent, after the company reported a good set of quarterly numbers.

GMDC Shares Jump 9% As Net Profits Soar
The company reported a jump in net profits by 59 per cent to Rs 114.8 crores, as against Rs 72.2 crores in the previous quarter.

The shares of GMDC were last trading at Rs 98.90 on the BSE.

The results of the company caught analysts by surprise, which is why the stock spurted in trade. The company is into the mining of a whole range of minerals including bauxite, lignite, manganese.

It has also diversified into solar and wind power.

Most analyst believe that the stock is undervalued at the current levels, which makes it an attractive buy. In fact, the stock can report an EPS of close to Rs 12, making the p/e multiple of just times.

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