Stories
RHI Magnesita Surges on Block Deal; IT Stocks Decline Amidst Weak Market Outlook
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CNBC TV18•22-09-2026, 10:05
RHI Magnesita Surges on Block Deal; IT Stocks Decline Amidst Weak Market Outlook
- •RHI Magnesita India shares jumped over 6% after 2.3 crore shares (11% equity) worth ₹826 crore changed hands via block deals.
- •Jain Resource Recycling shares surged up to 7% at market open, with over 40 lakh shares traded.
- •Carborundum Universal shares rose over 4%, continuing its upward trend for a second consecutive day.
- •IT stocks, including LTM, Kaynes Technology, and HCL Technologies, fell due to cautious demand commentary from CLSA.
- •CLSA flagged muted discretionary spending, weak macro fundamentals, and geopolitical factors, implying EPS downside risk for IT firms.
Key Questions Answered
IT stocks declined after brokerage firm CLSA flagged cautious demand commentary heading into the silent 2Q27 period, citing muted discretionary spending due to weak macro fundamentals, geopolitics, higher rates, and inflation.
RHI Magnesita India shares surged over 6% after a large trade involving 2.3 crore shares, or 11% equity worth ₹826 crore, changed hands at ₹360 per share via block deals.
Jain Resource Recycling shares surged up to 7% at market open, with over 40 lakh shares traded at 4.14 times the stock's 10-day average.
