RHI Magnesita India shares rose on Wednesday, September 23, after Dalmia Bharat Refractories divested more than an 11 % stake in the company for ₹826 crore via an open‑market transaction. The stock surged as much as 4.66 % to ₹396.90 on the NSE, reflecting investor optimism following the sale. RHI Magnesita is a leading supplier of high‑grade refractory products used in cement, steel, copper, aluminium, non‑ferrous metals and glass manufacturing. The transaction underscored the company’s growing appeal to institutional investors.

Block‑deal data on the NSE shows that Dalmia Bharat Refractories Ltd sold 2,29,41,224 shares, amounting to nearly an 11.11 % stake in RHI Magnesita India. The shares were disposed of at an average price of ₹360 each, bringing the transaction value to ₹825.88 crore. After the sale, Dalmia Bharat’s holding dropped from 12.54 % to 1.43 %, leaving it with a minority position in the refractory producer. The sale was executed through a regulated open‑market transaction, ensuring compliance with SEBI guidelines.

Block‑deal data revealed that SBI Mutual Fund purchased over 1.66 crore shares, representing an 8.07 % stake worth ₹600 crore, becoming the largest buyer of RHI Magnesita’s scrip. Bandhan MF, Nippon India MF and ChrysCapital’s affiliate Clarus Capital 1 also bought 62.74 lakh shares at the same price. These transactions were completed under the NSE’s block‑deal framework, which allows large‑volume trades without market disruption. These institutional purchases contributed to the share price rally and signalled confidence in the company’s growth prospects.

In August 2026, RHI Magnesita and Khemka Refractories formed a joint venture to establish a greenfield refractory recycling facility in Odisha. The new entity, named MINPRO, will focus on recovering, processing and repurposing used refractory materials, thereby supporting domestic availability of high‑value raw materials for refractories. Jyotirmoy Bhattacharjee was appointed CEO of the JV. RHI Magnesita’s MD & CEO Pankaj Malhan highlighted that combining global recycling expertise with Khemka’s local presence will create a trusted platform delivering high‑quality circular raw materials and strengthening supply security.

Dalmia Bharat Refractories, a manufacturer of refractory products for cement, steel and other high‑temperature industries, produces solutions that withstand extreme temperatures and harsh operating conditions, making them critical for furnaces, kilns and other thermal equipment. The company’s business is closely linked to the performance of the cement and steel sectors, which are key end‑users of refractory products. Their performance directly influences the pricing and demand for refractory materials. Its operations reflect the demand dynamics of these capital‑intensive industries.