The state-owned company develops Gujarat’s mineral resources such as lignite, bauxite, coal and rare earth materials. It also has a diversified energy portfolio comprising thermal, wind and solar power.
The partnership follows India’s participation in the Critical Minerals Ministerial convened by US Secretary of State Marco Rubio earlier in February. India’s External Affairs Minister S Jaishankar attended the event.
The Pax Silica Declaration underlines the importance of a reliable supply chain indispensable to mutual economic security and recognises AI as a transformative force for long-term prosperity.
Jacob Helberg, United States Under Secretary of State for Economic Growth, Energy, and the Environment, hailed India joining the Pax Silica Declaration on Thursday, ANI reported. India’s entry underscores the importance of economic security translating into national security and stands against coercion and blackmail undermining the prosperity of nations, the report said, quoting Helberg.
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GMDC shares have rewarded investors with multibagger returns, surging 119% in the past 12 months, largely due to potential benefits surrounding the rare earth story.The company reported a weak set of numbers in its December quarter results. The 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.
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 Q3FY26 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.
“We are cutting FY26E EBITDA by 13% to factor in higher CoP, keeping FY27E/28E EBITDA unchanged,” its brokerage note said.
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