The stock was down 7% at Rs 97 in early morning deals on the Bombay Stock Exchange.
Shares of Gujarat Mineral Development Corporation (GMDC) has tanked nearly 7% to Rs 97 on BSE, after reporting a sharp 73% year on year decline in standalone net profit at Rs 46 crore for the quarter ended September 30 (Q2) due to drop in net sales. The company had profit of Rs 169 crore in a year ago quarter.
During the quarter review, the company’s total income from operation more than halved at Rs 175 crore against Rs 382 crore in the corresponding quarter of previous fiscal.
“Lower production and sales during the quarter in South Gujarat mines was due to prolonged heavy rain,” GMDC said in a statement.
The stock opened at Rs 100 and hit a high of Rs 101 so far. A combined around 100,000 shares have changed hands on the counter till morning deals on BSE and NSE.
During the quarter review, the company’s total income from operation more than halved at Rs 175 crore against Rs 382 crore in the corresponding quarter of previous fiscal.
“Lower production and sales during the quarter in South Gujarat mines was due to prolonged heavy rain,” GMDC said in a statement.
The stock opened at Rs 100 and hit a high of Rs 101 so far. A combined around 100,000 shares have changed hands on the counter till morning deals on BSE and NSE.
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