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On the broader market outlook, Vinay Rajani the technical & derivative analyst says that the Nifty could trade in the range of 19,612 - 19,819 in the near term.

Chart

Analysts believe the move will create shareholder value

India is a mineral-rich country (its geological potential is similar to Western Australia) but mines only 2 per cent of its potential

State-owned GMDC on Tuesday reported nearly four-fold
rise in its consolidated profit at Rs 151.2 crore for the quarter ended September 30, 2022.
The company had posted a consolidated profit of Rs 40.4 crore in the year-ago period, Gujarat Mineral Development Corporation (GMDC) said in a filing to BSE.
The consolidated income of the public sector enterprise increased to Rs 591.4 crore in the July-September period from Rs 494.7 crore in the year-ago quarter, the filing said.
GMDC is country's second largest lignite producer.

GMDC

State-run GMDC on Thursday said it is contemplating to conduct a study to determine the economic viability of setting up a rare earth elements processing unit in Gujarat.
Rare-earth elements (REE) also known as rare-earth metals are crucial to developing green energy technologies like permanent magnets for electric vehicles and wind turbines and LEDs.
Gujarat Mineral Development Corporation (GMDC) "is looking at conducting a scoping study to determine the economic viability of the project and outline at least one opportunity to develop the processing plant for the deposit at Ambadongar, Chotaudepur district in Gujarat state in India," the PSU said in a statement.
The company also plans to carry out a pre-economic assessment for the Ambadongar deposit involving, among other things, formulating a process flow design and all relevant testing for beneficiation and rare earth elements oxide production.
"We at GMDC will ensure the establishment of a complete value chain for REE elements,

Lignite

State-owned Gujarat Mineral Development Corporation (GMDC) on Thursday said it is augmenting lignite output by further 1.5 million tonnes this year.
The development assumes significance as the PSU is targetting to build up its lignite production in a bid to support Micro, Small and Medium Enterprises (MSMEs) eyeing for cheaper fuel.
GMDC Managing Director Roopwant Singh said that its customer base among MSMEs in textiles, chemicals, and ceramics along with captive power plants is increasing. Hence, the company is increasing its lignite production this year.
"This will help us minimising the constantly increasing demand-supply gap and catering the energy requirements in the state," he said.
The PSU has invited bids for its Surkha (N) mine in Bhavnagar from lignite mining contractors.
The company produced 8.5 million tonnes of lignite last year and plans to increase it to 10 million tonnes this year.
"The RFP for lignite Mining at Surkha (N), Bhavnagar, includes two packages with a

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According to the analyst from Anand Rathi, GMDC can rally to Rs 168 on the upside, while NMDC can jump to Rs 114.

coal

Company says 10 million tonnes production this year, sees gaining business from small businesses

mining

The mining company has roped in the Boston Consulting Group (BCG) for its strategic transformation, apart from McKinsey & Co. for the development of REE assets

markets, investor, stock market, broker, trader

CLOSING BELL: Sectorally, all the indices ended in the green zone, led by the Nifty Realty and Auto indices, up 3.5 per cent and 3 per cent, respectively

At 12:26 pm; GMDC was trading 15 per cent higher at Rs 158, as compared to a 0.13 per cent decline in the S&P BSE Sensex.

BSE-1 (Photo credit: Kamlesh Pednekar)

Closing Bell: Hindalco, UPL, Sun Pharma, Adani Ports, Divis Labs, and TCS were the top drags, down up to 3.45 per cent

MARKETS: Sensex stages smart recovery, down 600 pts; SBI up 2%

Sectorally, the Nifty PSU Bank index jumped a massive 5 per cent on the NSE, while the Nifty Bank and Private Bank indices added about a per cent each

stock markets

In the past one week, the stock has zoomed 44 per cent, on expectation of improvement of company's performance, primarily due to the price hikes taken in the lignite division.

Coal mines, Coal

The company posted net profit at Rs 90 crore in Q4 against Rs 40 crore in a year ago quarter

Representational image

This comes in the wake of GMDC seeing a growth in its plant load factor from 28% last year to 36% in wind power

Aerial view of Carmichael coal mining project

The stock rallied 11% to Rs 101 after the company reported 60% year on year jump in profit at Rs 115 crore for Q1 FY17.

Overseas institutions are also a better bet for Adani. Tapping Indian banks, especially state-run lenders, would be a tad cheaper, but might invite greater political scrutiny ahead of general election

Adani, Adani Group

Adani Group on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters.
A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group, according to an official communiqu from the discom seen by PTI.
The diversified group, which has a sizeable presence in the power sector and had recently won a Rs 1,000 crore contract to install smart meters in the area serviced by BEST Undertaking in Mumbai, will act as an advanced metering infrastructure service provider for smart prepaid metering in MSEDCL, it said.
The two zones awarded to Adani include Bhandup, Kalyan and Konkan having 63.44 lakh meters, and Baramati and Pune having 52.45 lakh meters, it said.
Letter of Awards have been issued to the successful firms, as per the communiqu.
Officials from Adani Group were not immediately available for comment.
The group's transmiss

Closing Bell on Thursday, September 21: The broad-based selling was led by public sector banks with the Nifty PSU Bank index sliding 2.3 per cent

bear market, sensex, nifty, loss, growth, investment

Tensions have been high since Canadian PM Trudeau on Monday alleged that the Indian government was behind the fatal shooting of Hardeep Singh Nijjar

visa, Canada

Catch all the latest updates from across the globe here

Manipur

Here is the best of Business Standard's opinion pieces for today

Democracy

Canada said it was expelling a top Indian diplomat Monday as it investigates what Prime Minister Justin Trudeau called credible allegations that India's government may have had links to the assassination in Canada of a Sikh activist.
Trudeau said in Parliament that Canadian intelligence agencies have been looking into the allegations after Sikh leader Hardeep Singh Nijjar, a strong supporter of an independent Sikh homeland known as Khalistan, was gunned down on June 18 outside a Sikh cultural centre in Surrey, British Columbia.
Trudeau told Parliament that he brought up the slaying with Indian Prime Minister Narendra Modi at the G-20 last week, that he told Modi that any Indian government involvement would be unacceptable and that he asked for cooperation in the investigation.
Canadian Foreign Minister Mlanie Joly said the head of Indian intelligence in Canada has been expelled as a consequence. "If proven true this would be a great violation of our sovereignty and of the most basic

Hardeep Singh Nijjar

No injury or loss of life was reported in the incident, Srinagar Police informed further, adding that the terrorist fled the spot after opening fire at the CRPF vehicle

Gun shooting, mass shooting

Delhi government has targeted to raise the number of registered construction workers in the city to 15 lakh this year and increase spending on various welfare schemes for them by 20 times, officials said on Monday.
The move comes in the wake of Chief Minister Arvind Kejriwal earlier this year expressing dissatisfaction over less number of registration of workers and emphasising to increase it further.
As per official data, the number of registered workers was 13 lakh by end of 2022-23.
The Delhi government will also raise spending on welfare schemes meant for construction workers to Rs 246 crore this year, up from 12.66 crore last year, officials said.
Last year over 4,500 applications were received from registered construction workers for various welfare schemes run by Delhi Building and Other Construction Workers Welfare Board.
Out of which, just over 2,000 were processed for benefits of different schemes with an expenditure of Rs 12.66 crore, a labour department officer said.


Highway labourer at par with construction worker after new wage norms

Nijjar, who was wanted in India, was gunned down outside a gurdwara, in a parking area in Canada's Surrey, BC on June 18

Justin Trudeau

The government introduced the Women's Reservation Bill in the Parliament almost three decades after it was first drafted

Parliament

The fiscal burden of states will increase over time

pensions, funds, retirement, investments, investors, savings

Former RBI Governor Bimal Jalan said it is better if the person's expertise is considered than whether he/she is a bureaucrat or a private sector executive

TRAI

Prime Minister Narendra Modi begins Whatsapp Channel following conclusion of the first day in the new parliament building

PM Modi on Whatsapp Channels (Photo: Whatsapp)

Canada identifies expelled Indian diplomat as RAW station chief in Ottawa, sources say Canadian diplomat expelled from Delhi is intelligence officer

Prime Minister Narendra Modi with Canadian Prime Minister Justin Trudeau

More than 10 people were injured when Manipur security forces fired tear gas shells on protesters for trying to storm police stations and court arrest demanding the unconditional release of the five arrested youths on Thursday.
As a precautionary measure, the state government cancelled curfew relaxations in the twin districts of Imphal from 5pm, officials said.
Responding to a call by six local clubs and Meira Paibis demanding the release of the five village volunteers, hundreds of protesters holding placards and shouting slogans tried to enter the Porompat police station in Imphal East and Singjamei police station and Kwakeithel police outpost in Imphal West district.
However, police and RAF personnel deployed at strategic positions fired several rounds of tear gas shells to disperse the crowd.
A protester, identified as Th Bimola at Porompat said, "We were left with no option but to court arrest as the government failed to release the five village volunteers. If such village ...

The Information and Broadcasting Ministry on Thursday advised TV news channels to refrain from giving platform to those belonging to proscribed organisations or facing charges of terrorism and serious crimes.
In an advisory to all private satellite TV channels, the ministry said it has come to its notice that "a person" in a foreign country who faces serious cases of crime including terrorism was invited for a discussion on a television channel.
During the discussion, the person made several remarks detrimental to the sovereignty and integrity of India, its security and friendly relations with a foreign state, the ministry said, without naming the person or the news channel.
The remarks of the person also had the potential of disturbing public order in the country, the ministry added.
While the government upholds media freedom and respects its rights under the Constitution, the content telecast by the TV channels must adhere to the provisions of the Cable Television Networks ...

TRP, tv news channels, viewership, media, entertainment, OTT

In a step towards enhancing last-mile connectivity with public transportation, Delhi govt has invited proposals for the deployment of 3,000 high-speed e-scooters, low-speed e-scooters, and e-cycles

Fire-safety norms for Li-ion battery could push up e-scooter prices by 10%

electric scooters, e-scooters, EV, Electric vehicles

DLF's rental arm DCCDL has raised Rs 1,100 crore through issuance of non-convertible debentures on a private placement basis.
In a regulatory filing on Thursday, DLF informed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allotment of debentures.
DCCDL said that the securities allotment committee of the Board of Directors has approved the allotment of 1,10,000 senior, listed, rated, secured, redeemable, transferable, rupee-denominated NCDs (Non Convertible Debentures) of the face value of 1 lakh each on a private placement basis to eligible investor(s).
The size of the issue is Rs 1,100 crore. These NCDs will be listed on the BSE. The coupon rate is 8.25 per cent per annum. The maturity is August 17, 2033.
DCCDL is a joint venture between DLF and Singapore sovereign wealth fund GIC.
DLF holds a 66.67 per cent stake while the GIC has a 33.33 per cent stake in the DCCDL.
DLF holds the bulk of its rental assets (offices and shopping malls) through DCCDL.  DCCD

More than five lakh Ayushman Bharat beneficiary cards have been made in just four days since the launch of the Ayushman Bhav campaign, Union Health Secretary Sudhansh Pant said on Thursday.
He further said that more than 20 lakh ABHA IDs have been generated while footfall of more than 20 lakh have been registered at the Ayushman Bharat-Health and Wellness Centres and Community Health Centres for availing free treatment and screening services, he said.
The Ayushman Bhav campaign, launched on September 14 by President Droupadi Murmu, is a comprehensive nationwide healthcare initiative that aims to provide saturation coverage of healthcare services in every village and town in the country.
It is being implemented during the 'Seva Pakhwada' (fortnight of service) which began on Prime Minister Narendra Modi's birthday on September 17 and will continue till October 2.
The three components of the Ayushman Bhav campaign -- Ayushman - Apke Dwar 3.0, Ayushman Melas at Health and Wellness ...

This revised health benefit package is expected to be rolled out from November this year, the health ministry said

Heatmap

GMDC

Buy GMDC, Rites for gains up to 16%, recommends HDFC Securities

New dividend, bonus share policy to create value for Gujarat PSUs: Analysts

GMDC's Q2 net profit surges nearly four-fold to Rs 151 crore

GMDC to study economic viability of rare earth elements processing unit

GMDC to increase lignite production by additional 1.5 MT this year

GMDC, NMDC are the top picks of technical analyst Mehul Kothari

State-owned GMDC to expand lignite production as demand increases

Back in black, GMDC plans lignite expansion, entry into rare earths

RIL, Bajaj Finance power 777-pt rally in Sensex; Nifty holds 17,200

Stock of this state-owned mining company has zoomed 120% in two months

Sensex falls 149 pts; SmallCap index sheds 2% amid tepid global cues

Sensex slips 581 pts amid hawkish US Fed, F&O expiry; Nifty holds 17,100

Stock of this smallcap state-owned mining firm has zoomed 44% in one week

GMDC surges 16% as Q4 profit more than doubles

GMDC eyes increased share of revenue from power

GMDC hits 52-week high on robust Q1 results