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The net profit of State-promoted Gujarat Mineral Development Corporation Ltd (GMDC) in the third quarter of 2010-11, ended December 31, 2010, increased by 42 per cent, while its turnover went up by 33 per cent compared with the corresponding period last fiscal, the company said today.
On Thursday, the share price of GMDC on the BSE closed 5.26 per cent up at Rs 110.10. Capitalising on its core competence of mineral exploration and extraction, GMDC's turnover stood at Rs 360 crore (Rs 270 crore) in the said quarter, while its net profit was Rs 101 crore (Rs 71 crore), Mr V S Gadhvi, Managing Director, said here.
By ensuring strategic mining operations across the board, GMDC could achieve the highest-ever quarterly turnover and net profit, he added. During the third quarter, GMDC's lignite production was 24.80 lakh mt, which was 16 per cent higher over the previous comparative quarter. GMDC plans to set up a pyrite removal plant of 1.5 mtpa capacity at its Bhavnagar mines to enhance the lignite quality and sales. It is also proposing to set up a lime-crushing plant of 2 lakh mtpa capacity at its Panandhro lignite mines, which would enhance the quality of limestone for cement industry and power plant.
On the bauxite front, there was a surge of 200 per cent over the previous quarter's sales. Responding to the State Government's move to reserve manganese bearing areas, GMDC has embarked upon an exploration drive for manganese in two districts in 960 hectare area. The company's power segment, which generated 317 million units (231 MUs), booked a net profit of Rs 33 crore.
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