Stock market means investment full of risk, that is why expert advice becomes very important in the stock market. Domestic brokerage and research Edelweiss is confident that Gujarat Mineral Development Corporation Limited (GMDC) can perform well in the stock market in the times to come. The reason for this trust is the company’s business. At the same time, the management is now focusing on other resources to increase the company’s revenue. The brokerage firm has given ‘Buy’ rating to this stock.
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Investors got rich in 2022
GMDC’s stock has made investors rich this year. So far in 2022, the price of this stock has climbed up to 167%. In view of this, brokerage firm Edelweiss has changed the target price of this stock. The brokerage has now expressed hope that the share price of this company will go up to Rs 260. Earlier the target price was Rs 245 per share. Let us tell you, Gujarat Mineral Development Corporation is in the business of mining and mineral processing.
What is expert opinion
The brokerage expects the annual EBITDA to be in the range of Rs 12-13 billion due to higher lignite prices. Further, the brokerage believes that the stock will continue to perform well on the back of other income sources like Base Metals, Bauxite and FlourSpar.
There is an atmosphere of tension around the world due to the war between Russia and Ukraine. In such a situation, the brokerage expects that the global coal prices can be short but bullish can be seen. Edelweiss also has great confidence in the company’s other revenue sources.