Multibagger Stocks: Shares of this Gujarat government company increased by 105% this year, HNIs are buying heavily

Multibagger Stocks: The share price of Gujarat Mineral Development Corporation Limited (GMDC) has doubled so far this year. In the last 12 months, this stock has given a return of 132% to its investors. Our associate channel CNBC-TV18 quoted dealing room sources as saying that high net worth individuals (HNIs) have been buyers in the stock recently. Additionally, the Street also expects some corporate action from the stock soon.

The company has recently increased its dividend to Rs 11.45 per share for FY 2023, which was earlier Rs 9.1 per share. The market capitalization of the company is around Rs 10.3 thousand crores and its dividend yield is 3.91 percent.

GMDC is a Gujarat government-owned company involved in the mining of lignite and minerals. It is headquartered in Ahmedabad and its product catalog includes minerals such as lignite, base metals and industrial minerals such as bauxite and fluorspar.

Also read- Multibagger Stock: Stock has increased by 9280% in 10 years, company can announce bonus shares

The Gujarat government holds 74 percent stake in GMDC in the name of the state Governor. Mutual funds and FPIs also have stakes in the company but each fund’s stake is less than one per cent and hence is not included in the BSE shareholding list.

GMDC shares closed 12 percent higher on Friday, September 29, and the stock has returned nearly 20 percent over the past week. The stock has gained momentum in seven of the last eight weeks, during which the share price has increased from Rs 170 to more than Rs 300.

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