Stock price is a function of future earnings, not of today’s earnings.
The future earnings of GPIL went up 4x (7-8 yrs from now) because of 4x increase in mining reserves.
Even, real estate developers don’t sell vacant land, they also develop land and sell projects- and it takes many years for them to develop projects on vacant land.
And, btw, captive miners can sell iron ore in open market if they want to. But they don’t sell because selling value added products gives much higher margin. That restriction to not sell has been removed.
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