This S&P BSE 500 rose 6.3% on Thursday within the first hour of market open after the Competition Commission of India approved its acquisition.
The stock has been on an uptrend since June 2022 with its 200 day moving average as support, currently 7% above its 20 day moving average and 9% above its 200 day moving average. The stock holds a market cap of Rs. 15,740 crore and is 15% away from its 52 week high.
RHI Magnesita India Ltd’s (”RHI”) trading volumes grew 10x over yesterday’s and the weekly average volume. The stock is a 3 year multibagger, returning 296% over a 3 year period. Meaning if you invested Rs. 1 lakh into RHI 3 years ago, it would now be worth close to Rs. 4 lakh! The company’s key shareholders are Axis Group –3%, HDFC Group – 1.5%, ICICI Group – 1.4%.
The stock rose over 6% after CCI approved US-based Rhode Capital’s subsidiary Ignte Luxembourg Holdings proposal for 29.9% stake acquisition in RHI Magnesita. The approval came out in a tweet made by CCI – “acquisition of up to 29.9 per cent equity shares of RHI Magnesita NV by Ignite Luxembourg Holdings S.à r.l.”
Another thing to note is that RHI Magnesita declared a dividend of Rs. 2.5 per share which is to be distributed on October 28th.
Force Motors is an integrated automobile company, designs, develops, manufactures, and sells a range of automotive components, aggregates, and vehicles in India and abroad. The company’s shareholding has changed over the past 2 quarters. Promoters held 70% 2 quarters ago, but reduced it to 60 and then to 55 in the last quarter. Throughout, they had no pledges, FIIs & DIIs hold 18% and the rest being held by the retail public. The stock has no short interest.
Written by Sandeep R
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