Market movers: A Jhunjhunwala owned company gets big order from Russia; RHI Magnesita spikes 10%

The project’s scope includes design, engineering and supply, installation, pre-commissioning, commissioning and start-up of the plant and is to be completed in 15 months. The project will employ softening, ultrafiltration and reverse osmosis technologies to treat brine water which will be reused as process water in the facility.

“This order includes adequate payment securities which de-risk us from the geopolitical uncertainties,” the company said.

Following the update, shares of the company in which Rakesh Jhunjhunwala also owns a stake in his wife’s name rose about 3 per cent on BSE.

A murmur of M&A

Shares of RHI Magnesita, formerly named

, were in demand on Wednesday as reports suggested the company may acquire another company.

ET Now report said the company is likely to make an acquisition in the domestic refractory space. The company size is likely to be Rs 200-250 crore.

Following the report, the stock surged over 10 per cent to Rs 594.55 on relatively much higher volumes.

Big order

PNC Infra said it signed a concession agreement with the National Highways Authority of India for a Hybrid Annuity Mode (HAM) Project in Karnataka. The project is worth Rs 1,575 crore.

The project comprises the construction of 6 lane access controlled greenfield highway from km 26 to 97, from Badadal to Maradgi S Andola of NH-150C (Package-II), under Bharatmala Pariyojna. The project is to be constructed in 30 months upon declaration of appointed date and operated for 15 years post

construction.

Shares of the company climbed 4 per cent following the update.