Shares of Gujarat Mineral Development Corporation (GMDC) surged to a new 52-week high of Rs 472.4 on Wednesday, riding a wave of investor enthusiasm around rare earth stocks. The PSU miner has now climbed nearly 25 per cent in just five trading sessions, with volumes and turnover spiking sharply.
More than 1.9 crore shares of GMDC changed hands during the session—nearly three times its 10-day average—with turnover crossing Rs 295 crore. The stock has now gained 43.5 per cent so far this year, with a 49 per cent jump over the past six months and an 18 per cent rise in the last month alone.
What’s Fueling the Rally in GMDC Stock?
The rally in GMDC comes amid growing global and domestic interest in rare earth minerals, which are critical to electric vehicles, electronics, and defence applications.
Investors are eyeing developments from China, where rare earth magnet exports more than doubled in June—jumping to 3,188 tons from just 1,238 tons in May—after the country relaxed some of its export curbs. The rebound has helped ease global supply fears that had been weighing on manufacturing sectors worldwide.
Closer to home, market chatter suggests a possible high-level meeting led by Prime Minister Narendra Modi to discuss rare earth magnet development. While not confirmed, the speculation has added fuel to the rally, with GMDC emerging as one of the key beneficiaries of this policy buzz.
NLC India Rallies on IPO Buzz and Rare Earth Push
Joining the momentum, NLC India shares jumped as much as 2.8 per cent to Rs 248.05, after the company revealed plans to list its renewable energy arm. CMD Prasanna Kumar Motupalli told PTI that NLC India aims to raise Rs 4,000 crore via an IPO of NLC India Renewables Ltd (NIRL) in FY27.
NLC is also stepping up its rare earth play. In May, it signed an agreement with Indian Rare Earths Limited (IREL) to jointly develop critical mineral projects. The move positions the company to participate in India’s strategic minerals mission.
On Wednesday, trading volumes in NLC India crossed 29.69 lakh shares, with Rs 72.54 crore in turnover. The stock is up 6.7 per cent in the last six months, though it’s gained just 1 per cent year-to-date.
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