Intraday Spotlight: This smallcap PSU stock jumped 14 per cent today

The company has become a leading gainer in A group

Gujarat Mineral Development Corporation Ltd (GMDC), a PSU company that is engaged in mining operations, has jumped by over 14 per cent in today’s session from its previous close of Rs 137.60. The stock opened at Rs 139.90 and has made its day high of Rs 162.15. As of 3 pm today, the stock was trading near Rs 156 on the BSE. The stock has been today’s top gainer from the A group. 

When the markets are facing high pressures due to the global situation, this mining stock has rallied about 129 per cent in just last three months. The stock has turned multibagger in such a short amount of time and when the bears are dominating the markets. Recently, the company was trending with the announcement of the approval from the Environment Ministry for its Tadkeshwar lignite mines to mine up to the depth of 135 meters from its earlier approved levels of 94 meters. 

GMDC is one of the leading mining players in India. The state-owned company owns and operates five lignite mines in Gujarat and is the largest seller of lignite in the nation. The stock has a 52-week high and low of Rs 162.15 and Rs 52, respectively.