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GMDC rises on government approval of rare earth magnets incentive scheme
GMDC advanced sharply after India approved a major rare earth magnet incentive scheme, targeting new capacity, integrated units and multi-year financial support.
GMDC shares climbed 8.4% to ₹569.80 after the Union Cabinet cleared a ₹7,280 crore incentive program aimed at building domestic rare earth magnet capacity. The scheme targets 6,000 metric tons annually through integrated manufacturing units. India holds 6.9 million tonnes of placer rare earth deposits and plans five plants of 1,200 tons per annum.