Deepak Nitrite rallies 10% on heavy volumes, inches toward record high

Joseph B. Hash

Shares of Deepak Nitrite rallied 10 per cent to Rs 534 on the BSE on Wednesday on the back again of weighty volumes. The inventory of commodity chemical compounds producer was trading close to its all-time significant of Rs 543 touched on March 4, 2020. The trading volumes on the […]

Shares of Deepak Nitrite rallied 10 per cent to Rs 534 on the BSE on Wednesday on the back again of weighty volumes. The inventory of commodity chemical compounds producer was trading close to its all-time significant of Rs 543 touched on March 4, 2020.

The trading volumes on the counter much more than doubled with a merged 2.32 million equity shares, symbolizing 1.7 per cent of whole equity of Deepak Nitrite, changing palms on the NSE and BSE until 01:fourteen pm.

In the earlier a person 7 days, the inventory has surged 17 per cent following Deepak Phenolics, a wholly-owned subsidiary of the company, commenced industrial manufacturing of Isopropyl Liquor (‘IPA’) at its producing facility located at Dahej, Gujarat powerful April 21, 2020.

This facility has the producing capability of 30,000 MT of IPA every year. IPA item is a solvent and majorly made use of by pharma businesses and is also made use of for producing sanitizer.

In the earlier a person month, the inventory has soared 46 per cent from 10 per cent gain in the benchmark index.

Previously this month, from April six, 2020, the company experienced commenced the manufacturing of 2 Ethyl Hexyl Nitrate (2EHN) at its Nandesari facility in Gujarat. 2EHN finds software and is a person of the essential uncooked elements / additives made use of in refining course of action of diesel oil developed by several refineries.

For the quarter ended December 2019 (Q3FY20), Deepak Nitrite experienced reported four-fold soar in standalone revenue in advance of tax (PBT) at Rs 191 crore, on the back again of potent operational functionality. The company’s whole profits from operations rose 28 per cent at Rs 587 crore on 12 months-on-12 months (YoY) basis.

Deepak Phenolics experienced registered profits advancement of 24 per cent YoY to Rs 550 crore in Q3FY20, with EBITDA of Rs 58 crore and shipped its maiden lucrative quarter with revenue following tax of Rs fifteen crore for the quarter.

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