Shares of Gujarat Mineral Development Corporation Ltd. (GMDC) have doubled so far in 2023. The stock has surged 132 percent over the last 12 months.

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Sources within the dealing rooms told CNBC-TV18 that HNIs have been buyers in the stock recently. Additionally, the street is also expecting a corporate development to take place in the stock soon.

Recently, the company increased its dividend for financial year 2023 to Rs 11.45 per share, from Rs 9.1 per share recommended earlier.

GMDC is a Gujarat government-owned company involved in lignite and minerals mining based in Ahmedabad. Its product range includes minerals like lignite, base metals and industrial minerals like bauxite and fluorspar.

The Gujarat government owns a 74 percent stake in GMDC under the name of the state's Governor. Mutual funds and FPIs own stake in the company but it is less than one percent for individual names and hence it does not feature on BSE's shareholding list.

Shares of GMDC ended 12 percent higher on Friday and ended the week with gains of nearly 20 percent. The stock has gained in seven out of the last eight weeks, during which the share price has gone up from Rs 170 to over Rs 300.

(With Inputs From Nimesh Shah.)

First Published:Sept 30, 2023 11:16 AM IST