Shares of Gujarat Mineral Development Corporation (GMDC) witnessed strong buying interest on December 12, rising as much as 7% to ₹529.90, marking the stock’s highest level this week. This rally comes for the second consecutive session, reflecting positive investor sentiment.
The sharp surge in GMDC’s share price followed a major government approval related to the company’s coal mining operations in Odisha. The clearance for the Odisha coal mines is seen as a significant development for the state-owned mining company, as it is expected to strengthen GMDC’s coal portfolio and support long-term revenue growth.
Market participants reacted positively to the news, anticipating improved operational prospects and higher coal production capacity in the coming years. The approval also reinforces GMDC’s strategic expansion beyond lignite, aligning with India’s growing demand for coal in power and industrial sectors.
With sustained buying interest and supportive fundamentals, GMDC shares have remained in focus, as investors closely track further updates on project execution and future growth plans.