After declaring dividend of 215%, multibagger stock trades ex-dividend

Market


Shares of Gujarat Mineral Development Corporation (GMDC) Ltd started trading ex-dividend in Thursday’s trading session, a day ahead of the record date for its declared dividend of 4.30 per equity share for the year FY 2021-22. GMDC shares were trading about 0.5% lower at 146 apiece on the BSE in early deals.

“We would further like to inform that the Board has also recommended dividend of 215% i.e. Rs. 4.30 per equity share of Rs. 2 each for financial year ended on 31st March, 2022,” GMDC had announced while declaring its results for the first quarter ended June 2022 for the current fiscal (Q1 FY23).

The Gujarat-based PSU metal stock has rallied around 100% in 2022 (year-to-date or YTD) so far, whereas, the multibagger stock has skyrocketed about 110% in a year’s period. GMDC is a mining and mineral processing company in India.

State-run GMDC earlier this month said that 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.

Meanwhile, last month the company 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. The company produced 8.5 million tonnes of lignite last year and plans to increase it to 10 million tonnes this year.

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