New Delhi, July 18 -- Shares of Gujarat Mineral Development Corporation (GMDC), which is engaged in mining and the extraction of various minerals and metals, surged 14.3% in Friday's intraday session to hit a fresh 52-week high of Rs.433 apiece. The rally followed reports indicating that the Prime Minister's Office (PMO) is likely to hold a key meeting today to address the intensifying rare-earth magnet crisis.

India has been exploring various options over the past few months, including sourcing rare-earth minerals locally, in a bid to reduce its dependence on China-which has imposed restrictions on these critical materials used in automobiles, defence, semiconductors, and other industrial products.

New Delhi is reportedly in talks with...