New Delhi, Feb. 1 -- Shares of Gujarat Mineral Development Corporation (GMDC), engaged in mining and extraction of various minerals and metals, rallied 7% in today's session (February 1), reaching the day's high of Rs.618 per share, following the government's continued efforts to boost rare earth production.

Union Finance Minister Nirmala Sitharaman, in her Union Budget speech, proposed the creation of rare earth corridors in Tamil Nadu, Kerala, Odisha, and Andhra Pradesh, intensifying the country's push to build domestic capacity and reduce dependence on China.

India is among a growing number of countries racing to capture a greater share of the rare earth magnet supply chain after China, which processes about 90% of global output, tig...