Shares of the Gujarat Mineral Development Corporation (GMDC) jumped 16 per cent on Thursday in line with rising global commodity prices crude oil and other industrial metals.
Global crude oil prices hit multi-year highs due to the ongoing war between Russia and Ukraine, and any sharp rise in crude prices has a direct bearing across the board.
The state-owned company currently has five operational lignite mines located in Kutch, south Gujarat, and Bhavnagar region.
It is purportedly the largest merchant seller of lignite in the country.
At 1.54 p.m., the company’s shares traded at Rs 159.15, up 16 per cent from the previous close.
Notably, the shares more-than-doubled its investors portfolio since the start of 2022 by rising 115 per cent.
Coming to the company’s earnings in Q3fY22, the total income was at Rs 763.87 crore as against Rs 494.30 crore a quarter ago.
Profit after tax jumped to Rs 150 crore from Rs 41.13 crore in the previous quarter.