Deepak Nitrite extends recent steep rally

Deepak Nitrite rose 1.86% to Rs 627.95 at 9:53 IST on BSE, with the stock extending recent steep rally triggered by the company's board approving stock split and bonus issue.

Meanwhile, the BSE Sensex was down 50.38 points or 0.22% at 22,458.04.

On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 30,000 shares in the past two weeks.

The stock hit a high of Rs 643.50 so far during the day, which is a record high for the counter. The stock hit a low of Rs 621 so far during the day.

Shares of Deepak Nitrite have rallied 18.01% in three trading sessions from Rs 532.10 on 2 May 2014, after the company after market hours on 2 May 2014 said that its board of directors approved 5-for-1 stock split and also issue of bonus shares in the ratio of 1:1.

Deepak Nitrite's net profit surged 68.4% to Rs 15.86 crore on 16.2% growth in net sales to Rs 354.65 crore in Q4 March 2014 over Q4 March 2013.

Net profit rose 1.3% to Rs 38.33 crore on 25.2% growth in net sales to Rs 1257.38 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). The result was announced after market hours on Friday, 2 May 2014.

The board approved payment of dividend of Rs 10 per share for FY 2014.

Deepak Nitrite is a leading supplier of organic, inorganic and fine chemicals to global chemical majors.

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