GMDC shares surged 16% today after reports surfaced that the Prime Minister’s Office (PMO) is likely to hold a key meeting to tackle the growing rare-earth magnet supply crisis. As of 3:22 PM, the shares were trading 14.81% higher at Rs 435.60.
India has been actively working to reduce its reliance on China for rare-earth materials—crucial components in electric vehicles, defence tech, semiconductors, and more. With Beijing tightening exports, New Delhi is exploring local sourcing options and boosting domestic capabilities.
As per Livemint, the government is reportedly in talks with Indian firms to build long-term rare-earth stockpiles. Plans to introduce production-linked incentives (PLI) are also being considered to encourage homegrown manufacturing of these high-demand materials.
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