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Stock trend: an increase of about 8% in one day! Does this stock line the pockets of investors? – the stock price rose about 8% in one day

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Stock trend: an increase of about 8% in one day! Does this stock line the pockets of investors? – the stock price rose about 8% in one day

Stock Trend: Following the global positive trend, the Indian stock market was also bullish on Tuesday. Mid- and small-cap stocks saw good buys.

For example, RHI Magnesita (NSE Code: RHIM) gained around 7% and experienced a strong price breakout in volume. Also, the stock has a symmetrical triangle shaped breakout, which is a positive sign. With this, the stock touched its highest level of Rs 718. The volume has increased several times and is above the 10-day and 30-day average volume.

The stock looks pretty solid on technical metrics. The daily 14-period RSI (72.83) is in a super bullish zone and indicates the strength of the stock. MACD also indicated a bullish cross and OBV also indicated a good buy.

Read more: Double your money in 2 years! Stocks to line investors’ pockets?

The title has almost doubled since the beginning of the year. Overall, the stock looks bullish and investors can keep an eye on the stock.
Incidentally, the report published last August showed that RHI Magnesita made significant gains in the first half of 2022 in terms of volume, market share and share price. RHI Magnesita met expectations with an EBITA of 188 million euros.

The company’s revenue rose 33% to 1,594 million euros despite recent headwinds. While global steel production decreased by 5% in volume, RHI Magnesita’s steel business increased by 4% in volume.

Last June, RHI Magnesita exceeded its 2025 target and managed to maintain a recycling rate above 10%. The company was able to complete the processing of every ton of recyclable raw material. While the processing of raw materials would have produced around 2 tons of CO2 if it had been used otherwise. In fact, the fastest and easiest way to reduce CO2 emissions is to process recycled raw materials.

Read more: Penny stocks strengthened on Tuesday, earnings came in which stocks?

The company’s €50 million R&D project is also progressing as planned. RHI Magnesita has launched 9 pilot projects.

The company’s progress in new markets is significant. And for India and China, this growth rate is 41% and 32% respectively. RHI Magnesita’s €46 million investment in Austria was completed in the first half of 2022.

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