Budget 2026 | GMDC shares up 3%, NMDC recovers losses as FM announces rare-earth corridors

Shares of GMDC Ltd. gained over 3% and NMDC recovered losses on Sunday, February 1, after Union Finance Minister Nirmala Sitharaman in her Budget 2026 speech said the Centre will establish dedicated rare-earth corridors in select states to promote mining.The Finance Minister mentioned that the Centre launched a scheme for rare earth permanent magnets in November 2025.

“We now propose to support the mineral-rich states such as Odisha, Andhra Pradesh and Tamil Nadu to establish dedicated rare earth corridors to promote mining, processing, research and manufacturing,” the

FM said.

While shares of GMDC witnessed a sharp increase, rising over 3% post the announcement, and NMDC shares recovered from their day’s lows to trade 0.4% higher around 11.30 am, shares of Nalco and Hindustan Zinc were trading up to 8.6% lower.Hindustan Zinc shares had declined up prior to the FM’s Budget Speech, extending Friday’s losses, in-line with the sell-off witnessed across its other metal peers.

This came on the back of silver prices declining overnight in global markets after Indian equities shut on Friday.

GMDC shares were up over 3%, NMDC shares were up 0.4%, while Nalco and Hindustan Zinc shares were trading 7.9% and 8.6% lower, respectively, around 11.30 am on Sunday.

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