Multibagger Mining stock zooms 16%, analysts suggest buying short term

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By Malvika Gurung

Investing.com — Public Mining Company Stock Gujarat Mining Development Corporation (NS:) climbed 15.7% to Rs 158.85 each at 1:40 p.m. in a tepid session, after hitting a new 52-week high at Rs 162/share earlier in Thursday’s session.

At the time of writing, the benchmark gauges and were trading down 0.6% and 0.56% respectively.

Despite high market volatility in recent sessions, the minerals and lignite miner jumped 25% in just two weeks. On February 24, 2022, Dalal Street experienced its highest volatility in 20 months, zooming over 38%.

Additionally, since the start of 2022, GMDC has climbed over 105%, driven by its management’s focus on increasing volume and robust performance in the October-December 2021 quarter. among other factors, experts said.

The state-owned multi-bagger is leading with strong bullish momentum, and analysts are suggesting investors buy the stock in the short term, based on its technical data.

In addition, the company has also recently received permission from the Ministry of Environment and Forests to mine up to a depth of 135 meters in Surat for lignite mining.

Analysts from various brokerages have set a call to buy on mid cap stocks, for an immediate target price at Rs 180-200/share.

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