{"id":109344,"date":"2023-09-07T18:07:46","date_gmt":"2023-09-07T12:37:46","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=109344"},"modified":"2023-09-07T18:07:51","modified_gmt":"2023-09-07T12:37:51","slug":"midcap-steel-stock-jumps-6-after-cci-approves-acquisition-deal-announces-dividend","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/midcap-steel-stock-jumps-6-after-cci-approves-acquisition-deal-announces-dividend\/","title":{"rendered":"Midcap Steel stock jumps 6% after CCI approves acquisition deal; Announces dividend"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1103819962\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>This S&amp;P BSE 500 rose 6.3% on Thursday within the first hour of market open after the Competition Commission of India approved its acquisition. <\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3949766871\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>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.\u00a0<\/p><p><strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/RHIM\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">RHI Magnesita India Ltd\u2019s<\/a><\/strong> (\u201dRHI\u201d) trading volumes grew 10x over yesterday\u2019s 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\u2019s key shareholders are Axis Group \u20133%, HDFC Group \u2013 1.5%, ICICI Group \u2013 1.4%.\u00a0<\/p><p>The stock rose over 6% after CCI approved US-based Rhode Capital\u2019s subsidiary Ignte Luxembourg Holdings proposal for 29.9% stake acquisition in RHI Magnesita. The approval came out in a tweet made by CCI \u2013 &#8220;acquisition of up to 29.9 per cent equity shares of RHI Magnesita NV by Ignite Luxembourg Holdings S.\u00e0 r.l.&#8221;<\/p><div class=\"trade-content_5\" id=\"trade-3077215084\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>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.&nbsp;<\/p><p>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\u2019s 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 &amp; DIIs hold 18% and the rest being held by the retail public. The stock has no short interest.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by Sandeep R<\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer-300x300.png\" alt=\"\" class=\"wp-image-26306\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-2432766180\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>This S&amp;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 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":39466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[11823,11822,11821,948,936],"class_list":["post-109344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-rhi-magnesita-india-acquisition-deal","tag-rhi-magnesita-india-latest-news","tag-rhi-magnesita-india-share-price","tag-stock-market","tag-stock-market-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Midcap Steel stock jumps 6% after CCI approves acquisition deal; 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