The shares of the state-owned company jumped to Rs 599 apiece on NSE, around 8% away from its 52-week high level of Rs 651 apiece, which the stock hit in October last year.
Friday’s sharp gains come after reports claimed GMDC’s addition to LSEG’s FTSE Global Equity Index Series (FTSE GEIS). Additionally, the company announced earlier this month that it entered into a Memorandum of Understanding (MoU) with Navratna firm NMDC to explore opportunities for collaboration in the Rare Earth Elements (REE) sector.
The company said that the partnership will focus on assessing the potential development of an integrated rare earth value chain in Gujarat, including exploration, mining, beneficiation, processing and downstream applications.
“The engagement will primarily explore opportunities associated with GMDC’s Ambadungar Rare Earth deposit, a strategic initiative aimed at strengthening India’s capabilities in the rare earths sector,” it added.
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GMDC said that the collaboration is part of its broader rare earth development roadmap for the Ambadungar deposit. “The collaboration with NMDC brings together complementary institutional strengths and technical expertise to explore opportunities in the rare earth sector. Through this initiative, GMDC aims to advance the development of a sustainable rare earth value chain while contributing to India’s critical mineral resilience and industrial progress,” said GMDC MD Roopwant Singh.
After stellar gains in the morning trading hours, the stock erased some gains to trade 7% higher at Rs 573 apiece in the afternoon, as seen at 1 pm. The stock is still down over 4% in 2026.The company reported a weak set of numbers in its December quarter results earlier this year. Its Q3 consolidated net profit fell 10% year-on-year (YoY) to Rs 133 crore, while total revenue declined 11% YoY to Rs 680 crore in the quarter under review.
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Nuvama Institutional Equities, in its post-earnings review, maintained a ‘Reduce’ stance on the stock for a target of Rs 231. GMDC posted better than estimated EBITDA of Rs 103 crore in Q3 FY26, versus Rs 86 crore estimated by the brokerage. Though the 250MW thermal power plant has restarted, higher initial operating costs kept the power segment in losses, it said, adding that the thermal power plant is likely to return to profits in FY27.
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