RHI Magnesita extends rally, zooms 36% in one week; stock hits record high

On Saturday, November 19, the company announced acquisition of the Indian refractory business of Dalmia Bharat Refractories Limited (DBRL) for Rs 1,708 crore

Shares of RHI Magnesita India hit a record high of Rs 835.40 on the BSE on Wednesday after they surged 19 per cent in the intra-day trade, zooming 29 per cent in three days, after the company announced acquisition of the Indian refractory business of Dalmia Bharat Refractories Limited (DBRL) for Rs 1,708 crore.

The stock of the refractories company surpassed its previous high level of Rs 738.10, which it had touched on October 21, 2022. In the past one week, it has rallied 36 per cent as compared to nearly 1 per cent decline in the S&P BSE