Shares of RHI Magnesita India Ltd rose over 4% on Wednesday's early trade following company's news to raise funds via preferential issue for ₹200 crore.
The company in an exchange filing said that the board meet will be held on Saturday, April 1 to consider and approve the proposal for raising of funds by way of a preferential allotment by way of issue of equity shares for an amount not exceeding ₹200 crore.
Shares of the company hit an intraday high of ₹609.65 and intraday low of ₹584.10 on Wednesday trade.
However, the stock has fallen 32.10% from 52-week high of 892.9, and stock prices fell 4.8% and underperformed its sector by 42.8% in the past year. The stock's weekly average delivery volume is 65.53%.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, the overall trend for the stock is negative. The stock witnessed some bounce in the morning session, if it holds, then further bounce towards ₹650 , and ₹600 is the support. He advised to consider exiting the stock in case of any further bounce.
According to Mintgenie poll, two analysts recommend 'buy' rating for the stock.
