World · India Bureau
RHI Magnesita shares surge on ₹826-crore block deal
Shares of RHI Magnesita jumped 8 per cent following a large block transaction executed at a discount to the previous closing price. The deal, valued at approximately ₹826 crore, was completed during morning trading.
LSN India ·
Shares of RHI Magnesita climbed sharply on Tuesday after a significant block deal changed hands on the stock exchange. The transaction, representing roughly ₹826 crore in value, provided a boost to investor sentiment in the refractory materials manufacturer.
The block deal was executed at ₹360 per share during the morning session, translating to a 2.17 per cent discount against the previous day's closing price of ₹368. Despite the transaction occurring at a lower valuation, the stock's subsequent movement in regular trading reflected positive investor reception to the deal.
Block deals, typically involving large share transfers between institutional or major investors, often signal confidence in a company's prospects. The transaction in RHI Magnesita underscores ongoing investor interest in the sector amid evolving market conditions.
RHI Magnesita is a global supplier of refractory products and solutions, serving industries including steel, cement, and non-ferrous metals. The company maintains significant operations across Asia, contributing meaningfully to its consolidated revenue streams.