This is the third instance in the last 13 trading sessions that the stock has gained more than 10% in a single session. The stock had earlier gained 11% on September 12 and another 12% on September 5.
Shares of the lignite miner have also gained on very strong volumes today. As many as 3.7 crore shares of the company have changed hands on Tuesday, which is well above the company's 20-day average of 88 lakh shares.
The stock consistently traded at the 50-Day Moving Average (DMA) support of around ₹450 between July and August, before breaking out and surging higher in September.
In an exclusive interaction with Network18 at the Reforms Reloaded summit on Monday, Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said that the government could likely bring out IPOs of state-run companies that are focused on natural resources by the end of the current financial year.
The moves seen by GMDC in the month of September has taken its month-to-date gain to 58%. In case it manages to hold on to the gains, it will be the best month for GMDC since May 2009, during which the stock had gained 70%.
On the charts, the Relative Strength Index (RSI) for GMDC is at 77, which indicates that the stock is in "overbought" territory. An RSI reading above 70 means the stock is "overbought."
Shares of GMDC are currently trading 12% higher at ₹632.5, taking their year-to-date advance to 96%. The stock had declined 21% in 2024, having gained 178% in 2023.
