India’s Critical Minerals Race Sends Stock to Bulls Arena

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At the Vibrant Gujarat Regional Conference 2025 in Mehsana, CM Bhupendra Patel says Gujarat will lead India’s critical minerals mission.

By S JHA

Mumbai, October 9, 2025 — Shares of Gujarat Mineral Development Corporation (GMDC) once again buzzed on the street with the stock gaining over seven percent in Thursday’s session. The Gujarat-based public sector mining firm has been buzzing for past several weeks amid a global race to fortify national strength in critical minerals.

Shares of GMDC on Thursday closed at ₹630, which is also an all-time high for the stock. The mineral stock has risen by 20% in last one month, while netting gains of 134% in the last six months.

Gains in the stock came amid a fresh investment announcement by the company, as well as unveiling of an incentive plan by the Central government. India is aiming for self-reliance in critical minerals. China currently controls supply of almost 80% of the critical minerals, essential in manufacturing of electric vehicles, defence goods, and other high-end goods.

Gujarat Chief Minister Bhupendra Patel on Thursday said the state is poised to become a national hub in the critical minerals sector, aligning with Prime Minister Narendra Modi’s National Critical Mineral Mission, which identifies 24 key minerals essential for India’s clean energy and industrial future.

Speaking at the Vibrant Gujarat Regional Conference 2025 (VGRC) in Mehsana, themed “Critical Minerals: Opportunities in the New Sunrise Sector,” Patel said Gujarat will play a “vital role in making India a powerhouse in this strategic domain,” underscoring the state’s leadership in advancing Atmanirbhar Bharat and Viksit Bharat.

“Under PM Modi’s leadership, India has identified 24 critical minerals and launched the National Critical Mineral Mission,” Patel said. He added that “Gujarat is proud to be at the forefront of this sunrise sector that will secure our economic and strategic future.”

GMDC’s ₹6,750 Crore Expansion Drive

The Gujarat Mineral Development Corporation (GMDC), the state’s largest mining PSU, announced an ambitious ₹6,750 crore investment plan over the next few years to expand operations across underground coal gasification, copper mining, and clean fuel production, including methanol and hydrogen.

At the event, Pankaj Kulshrestha, Controller General (In-charge) of the Indian Bureau of Mines (IBM), handed over the first Underground Mining Plan to Roopwant Singh, IAS, Managing Director of GMDC — marking a milestone in India’s mining modernization.

GMDC said it is partnering for rare earth exploration and advancing sustainable mining practices. “We are building India’s future through critical minerals and responsible mining,” the corporation said in a statement.

Market Reaction: GMDC Shares Surge

Following the announcements, GMDC’s shares jumped 7%, buoyed by investor optimism and strong technical signals.
Market tracker Grow Wealthy noted on X (formerly Twitter):

“GMDC has broken out of a multi-decade trendline on the monthly chart after decades of consolidation. Strong volume confirms the move.”

Analysts said the rally was further supported by the government’s recently launched ₹7,300 crore incentive scheme for rare earth magnet production, a move expected to boost domestic manufacturing in EVs, electronics, and renewable energy sectors.

Strategic Importance

India’s push for self-reliance in critical minerals — such as lithium, cobalt, and rare earths — is key to reducing import dependence and securing supply chains for emerging industries like EVs, semiconductors, and clean energy.

Gujarat’s abundant mineral reserves, industrial ecosystem, and proactive governance are positioning it as the nation’s epicentre for strategic resource development.

As Patel put it, “From the mines beneath our soil to the technologies powering our future, Gujarat is committed to driving India’s march toward self-reliance.”

(This article makes no recommendation for buy or sell of shares of any company)