Deepak Fertilisers rises on plan to allot 2nd tranche of FCCBs to IFC

Deepak Fertilisers & Petrochemicals Corporation spurted 3.18% to Rs 154.05 after the company said that its securities issue committee will meet on or after 30 September 2020 to consider allotting FCCBs worth to $15 million to IFC.

A meeting of the securities issue committee is scheduled to consider the allotment of second tranche of foreign currency convertible bonds (FCCBs) aggregating to $15 million to International Finance Corporation (IFC) and matters related thereto, on or after 30th September, 2020, subject to receipts of funds from IFC, Deepak Fertilisers and Petrochemicals Corporation said in a statement on Saturday, 26 September 2020.

Last year, the company's securities issue committee approved the terms and conditions for issue of FCCBs aggregating to $30 million in two equal tranches to IFC and also disclosing the allotment of 30 (thirty) FCCBs having a par value of $500,000 each, being the first tranche, to IFC, for an aggregate amount of $15 million.

Deepak Fertilisers' consolidated net profit surged 1,032.10% to Rs 121.14 crore on a 23.2% surge in net sales to Rs 1,382.08 crore in Q1 June 2020 over Q1 June 2019.

The scrip has soared 178.62% from its 52-week low of Rs 55.29 hit on 19 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 47.707. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 155.27 and its 200-day moving average (DMA) placed at 110.94.

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