Great Eastern Shipping Company Ltd, Bikaji Foods International Ltd, Cochin Shipyard Ltd, CRISIL Ltd are among the other stocks to see a surge in volumes on BSE today, 07 September 2023.RHI Magnesita India Ltd saw volume of 98302 shares by 10:44 IST on BSE, a 5.81 fold spurt over two-week average daily volume of 16921 shares. The stock increased 5.10% to Rs.763.95. Volumes stood at 22673 shares in the last session.Great Eastern Shipping Company Ltd clocked volume of 45612 shares by 10:44 IST on BSE, a 5.05 times surge over two-week average daily volume of 9026 shares. The stock gained 6.64% to Rs.822.60. Volumes stood at 13465 shares in the last session.Bikaji Foods International Ltd witnessed volume of 15.65 lakh shares by 10:44 IST on BSE, a 3.75 times surge over two-week average daily volume of 4.17 lakh shares. The stock dropped 1.25% to Rs.515.55. Volumes stood at 1.26 lakh shares in the last session.Cochin Shipyard Ltd notched up volume of 5.75 lakh shares by 10:44 IST on BSE, a 3.6 fold spurt over two-week average daily volume of 1.60 lakh shares. The stock rose 16.02% to Rs.1,108.20. Volumes stood at 63381 shares in the last session.CRISIL Ltd recorded volume of 2775 shares by 10:44 IST on BSE, a 3.38 times surge over two-week average daily volume of 820 shares. The stock gained 1.63% to Rs.3,900.00. Volumes stood at 489 shares in the last session.
RHI Magnesita announced the acquisition of the Indian refractory business of Dalmia Bharat Refractories (DBRL). DBRL is one of Indias leading refractory players and a long-term trusted partner to customers in the region. DBRL will transfer its Indian refractory business to Dalmia OCL (DOCL). Under the terms of a Share Swap Agreement, RHI Magnesita will acquire all outstanding shares in Dalmia OCL (DOCL) in exchange for 2.7 crore new shares in RHI Magnesita India. Based on the issuance price of RHI Magnesita India at Rs 632.5029 per share, the Share Consideration had a value of approximately Rs 1,708 crore (€208 million). RHI Magnesita will consolidate DOCLs earnings and approximately Rs 443 Crores (€54 million) of net debt held by DOCL. The acquisition will significantly increase RHI Magnesitas presence in the fast-growing Indian refractory market, with forecast steel production growth in India of 12% in 2022 and a 7-8% compound annual growth rate until 2030. Through the consolidation of DBRLs production into RHI Magnesitas existing operations, significant network optimisation synergies will be captured. The company employs approximately 1,200 people in India and has production capacity of more than 300,000 tons of refractory annually, from five refractory plants and raw material sites. The acquisition will add production capacities in important industrial regions in the south and west of India where RHI Magnesita currently has no assets.
The Board of RHI Magnesita India at its meeting held on 05 January 2023 has approved the allotment of 2.70 crore equity shares at issue price of Rs 632.5029 per share to Dalmia Bharat Refractories (DBRL) for consideration other than cash in exchange of 8,24,83,642 equity shares of Dalmia OCL (DOCL), representing 100% equity share capital of DOCL from DBRL, by virtue of which DOCL shall become a wholly owned subsidiary of the company.