New Delhi, Nov. 27 -- Shares of Gujarat Mineral Development Corporation (GMDC), engaged in mining and extraction of various minerals and metals, extend their winning run to the third day in a row, gaining 8.4% to Rs.569.80 apiece.

The rally followed the Union Cabinet's approval on Wednesday of a Rs.7,280 crore incentive program for rare earth magnets, intensifying the country's push to build domestic capacity and reduce dependence on China.

The program aims to address the shortage of magnets and create a capacity of 6,000 metric tons per annum, India's Technology Minister Ashwini Vaishnaw said in a cabinet briefing in New Delhi.

Rare earth deposits, called 'placer deposits,' are found along beaches, and India is among the top three cou...