GMDC, Orissa Minerals shares jump up to 7% as Budget 2026 proposes dedicated rare earth corridors in 4 states

About this update from Orissa Minerals Development Company Limited

The shares of Gujarat Mineral Development Corporation (GMDC), Orissa Minerals Development Company and NMDC surged in trade on February 1 after Finance Minister Nirmala Sitharaman spoke about rare earth magnets while presenting Union Budget 2026.GMDC shares gained around 7 percent to trade at Rs 617.8 apiece, while Orissa Minerals Development Company shares also rose around 7 percent to trade at Rs 4,776 apiece. NMDC shares reverser earlier losses and rose nearly 2 percent.What FM Sitharaman said:While presenting Union Budget 2026, Finance Minister Nirmala Sitharaman said a scheme for rare earth permanent magnets was launched in November 2025. "We now propose to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish rare earth corridors to promote mining, research and manufacturing," she said.While additional capex announcements are yet to be made, the positive sentiment after the comments boosted the stocks up.What experts say:This is a landmark Budget anchored in the spirit of Kartavya and focused on building economic resilience, said Jaideep Wadhwa, Director, Sterling Tools. "The proposal to create Rare Earth Corridors is the missing link for India’s EV sovereignty, directly addressing long standing dependence on imported NdFeB magnets. By de-risking the value chain from mining to advanced manufacturing and backing strategic and frontier sectors, Budget 2026 lays the foundation for true Atmanirbharta in electric mobility," he added."The announcement of dedicated rare earth corridors in Odisha, Andhra Pradesh, Tamil Nadu, and Kerala is equally significant, as it strengthens India’s position in critical materials that underpin semiconductors, clean energy, defence systems, and electric mobility, while enabling higher-value research and processing capabilities within the country," said Lakshminarayanan (Lux) Ramalingam, COO, Quest Global.The focus on rare earth corridors and advanced manufacturing is particularly critical, as it secures essential minerals for battery storage and power electronics, said Siddharth Bhatia, Managing Director, Oyster Renewables & AB Energia.Follow all LIVE updates from the stock markets here.Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts b...

View stock analysis, news, and events for Orissa Minerals Development Company Limited