RHI Magnesita shares experienced significant movement following a substantial block deal transaction on Tuesday (September 22). According to block deal data available on the National Stock Exchange (NSE), Dalmia Bharat Refractories sold 2,29,41,224 shares, representing 11.11% of RHI Magnesita India's equity, for ₹825.88 crore at an average price of ₹360 per share. The deal involved 2.29 crore shares changing hands, with the transaction representing a 2.17% discount compared to the previous close of ₹368. This substantial transaction volume contributed to the stock's immediate price movement, with the company's shares having fallen over 15% since the beginning of the year and almost 19% in the past year. The stock was 19.6% away from hitting its 52-week low of ₹323.05, demonstrating significant recovery potential following the large trade.
The block deal attracted significant institutional participation, with SBI Mutual Fund leading purchases by acquiring 1.66 crore shares, representing 8.07% of the equity, for approximately ₹600 crore, emerging as the biggest buyer of RHI Magnesita India's scrip. Bandhan Mutual Fund purchased 62.74 lakh shares, or 1.34% stake, for around ₹100 crore, while Nippon India Mutual Fund bought 24.96 lakh shares, equivalent to 1.2% stake, for ₹89.88 crore. ChrysCapital's affiliate Clarus Capital 1 acquired 10 lakh shares, representing 0.5% stake, for nearly ₹36 crore. As reported by CNBC TV18, The Economic Times, and ET Now, Dalmia Bharat Refractories held a 12.54% stake in RHI Magnesita India as of June 2026, and the latest transaction would reduce this holding significantly, with the holding dropping to 1.43% after the latest transaction. The exact post-deal stake will depend on any other transactions undertaken during the period.
The stock demonstrated strong intraday performance following the block deal announcement, with shares closing at ₹379.20 on Tuesday, rallying over 3% despite profit booking at higher levels as reported by Moneycontrol. The stock traded in a range of ₹372.20-₹397.85 during the session and has shown positive momentum with gains of 4.87% over the past week and 1.05% in the last month, while remaining down 17.39% year-to-date. On a longer-term basis, the stock has declined 20.35% over one year and 36.79% over two years, while delivering a 4.79% return over five years. The stock's performance was part of a broader market movement where Jain Resource Recycling shares surged up to 7% at market open and Carborundum Universal shares rose over 4%, while IT stocks led by LTM, Kaynes Technology and HCL Technologies slipped lower due to cautious commentary from brokerage firm CLSA. The company's shares have a 52-week range of ₹508-₹323.40 on the BSE, with RHI Magnesita India having a market capitalisation of ₹7,835.70 crore as of September 22, 2026.
RHI Magnesita India has strengthened its position in the refractory recycling sector through a strategic joint venture announced in August 2026. RHI Magnesita and Khemka Refractories formed a joint venture to set up a greenfield refractory recycling facility in Odisha, with Jyotirmoy Bhattacharjee appointed as Chief Executive Officer (CEO) of the joint venture named MINPRO. The new entity will focus on the recovery, processing and repurposing of used refractory materials, thereby supporting in the domestic availability of high-value raw materials for refractories. As reported by RHI Magnesita, the JV will set up a greenfield refractory recycling facility in Odisha, with RHI Magnesita MD & CEO Pankaj Malhan stating that "By combining RHI Magnesita's global recycling expertise with Khemka Refractories' strong local presence, we are creating a trusted platform that will deliver high-quality circular raw materials and strengthen supply security." The joint venture reflects the company's long-term commitment to investing in innovative circular solutions that create lasting value for customers and the wider industry.
Market analysts have identified key technical patterns that suggest continued weakness in the stock. According to Sudeep Shah, vice president of technical and derivatives research at SBI Securities, as reported by Business Standard, the stock remains in a downtrend, forming a consistent lower low–lower high pattern. The 50-week EMA has acted as a dynamic resistance since March 2025, with the stock failing to sustain decisive closes above this level on multiple occasions. Shah noted that the stock recently witnessed a gap-up open followed by a pullback and failed to sustain at higher levels, resulting in the formation of a bearish candle. The MACD line continues to remain below the zero line on the weekly chart, reflecting a bearish bias. Despite the recent surge, the technical indicators suggest the stock remains vulnerable to further downside pressure.
