Deepak Fertilisers gains after resuming normal business

Deepak Fertilisers & Petrochemicals Corporation rose 3.16% to Rs 169.50 at 09:28 IST on BSE after the company said that the Income tax team has left the company's offices and normal day-to-day business has resumed fully.

The announcement was made after market hours yesterday, 21 November 2018.

Meanwhile, the S&P BSE Sensex was up 106.80 points, or 0.3% to 35,306.60

On the BSE, 41,000 shares were traded in the counter so far compared with average daily volumes of 33,000 shares in the past two weeks. The stock had hit a high of Rs 170 and a low of Rs 166.15 so far during the day.

The company does not anticipate the search and seizure operations to have any materially adverse impact, Deepak Fertilisers and Petrochemicals Corporation said.

On 16 November 2018, Deepak Fertilisers and Petrochemicals Corporation had informed that the Income Tax Department is carrying out search and seizure operations in the company's office premises and plants.

Deepak Fertilisers and Petrochemicals Corporation reported 56.68% slide in consolidated net profit to Rs 18.51 crore on 44.45% rise in total income to Rs 1782.44 crore in Q2 September 2018 over Q2 September 2017.

Deepak Fertilisers and Petrochemicals Corporation's business spans industrial chemicals, bulk and specialty fertilisers, farming diagnostics and solutions, technical ammonium nitrate, mining services and consulting and value added real estate.

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