RHI Magnesita India jumps on deal to buy Dalmia Bharat's Indian arm

RHI Magnesita India

21/11/2022 10:02

** RHI Magnesita India's shares  RHIM.NS  rise as much as
14.1% to 736 rupees, biggest intraday jump since Feb. 11
    ** The refractory products supplier says to buy Dalmia
Bharat Refractories Ltd's  DALB.NS  India business for 17.08 bln
rupees (~$209 mln), with deal to close in 2-3 months
    ** DALB shares off 0.18%
    ** Refractories are ceramic materials that can withstand
high temperatures and are used in steel and cement industries,
among others
    ** RHIM stock hits its highest since Oct. 21, with trading
vols more than six times the 30-day avg
    ** RHIM last up 10%, taking YTD gains to ~94%; S&P BSE 500
 .BSE500  has rise ~3.5% YTD and DALB has dropped 9.3%
 
 ($1 = 81.7950 Indian rupees)
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))