GMDC shares snap 3-day rally, fall 2% as traders opt to book profits
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After a sharp three-day rally, shares of Gujarat Mineral Development Corporation (GMDC) fell 2.2% to an intraday low of Rs 540.40 on Friday, as traders booked profits following recent gains fueled by a major government incentive announcement. The stock had gained nearly 23% in the last three sessions, driven by optimism surrounding the Rs 7,280-crore government incentive scheme aimed at boosting India’s rare earth magnet manufacturing capacity. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the scheme to reduce India’s dependence on China and increase domestic mineral production. GMDC, a key player in bauxite, rare earth minerals, and lithium exploration, was seen as a major beneficiary. Technical placement of GMDC shares The pullback also comes amid signs of technical resistance, with GMDC now trading below key short-term exponential moving averages (EMAs), according to Trendlyne data. Live Events The 10-day EMA sta...