Triangle Breakout looks good to enter after closing above the trendline for medium-term investment.
The stock of lignite miner Gujarat Mineral Development Corporation (GMDC) has nearly doubled in value since the beginning of 2022, thanks to an increase in mining volume and a strong turnaround in the company's performance in the December quarter. It is expected that the business will continue to grow as a result of the management's efforts to increase volume even further in the coming years while also improving profitability of non-lignite operations.
However, even though some additional investments are required to make it future-ready, the turnaround of the power plant will be a significant boon for GMDC. GMDC will benefit from its investments in wind and solar power, which will generate a significant income stream.