On BSE, 5.09 lakh shares changed hands.

The GMDC scrip had spurted 20% in a single trading session on 3 May 2007 to Rs 637 after it announced a stock split along with a 92.1% surge in net profit in Q4 March 2007 over Q4 March 2006 after trading hours on 30 April 2007. It had firmed up further to reach Rs 657.45 on 7 May 2007. Profit taking had pulled the stock down a bit later, and the scrip had settled at Rs 644 on Thursday, 10 May 2007.

GMDC’s net profit jumped 92.1% to Rs 49.66 crore in Q4 ending March 2007, from Rs 25.85 crore in Q4 March 2006. Net sales rose 44.9% to Rs 185.47 crore (Rs 128.01 crore).

The Gujarat government has a 74% stake in GMDC, while the remaining 26% stake is with the public and mutual funds.

GMDC, which was a mining company, will now transform into a major mining and power conglomerate through various joint ventures. It has bid for another 10 coal blocks being offered by the central government for use in setting up coal-based power plants.

GMDC has entered into an agreement with KSK Energy Ventures for setting up power generation capacities of 1,750 Mw in Chhattisgarh and Maharashtra.

GMDC also recently executed a memorandum of understanding (MoU) with Reliance Industries (RIL) to set up a joint venture to undertake lignite / coal gasification projects. RIL will hold 51% and GMDC 49% in the joint venture.