Deepak Nitrite heads north on fund raising plan

Deepak Nitrite gained 1.58% to Rs 205.60 at 14:05 IST on BSE after the company said that its board of directors approved raising of funds by way of qualified Institutions placement of equity shares.

The announcement was made during market hours today, 11 December 2017.

Meanwhile, the S&P BSE Sensex was up 154.48 points or 0.46% at 33,404.78. The S&P BSE Small-Cap index rose 71.59 points or 0.39% at 18,283.47, underperforming the Sensex.

On the BSE, 60,924 shares were traded on the counter so far as against the average daily volumes of 96,297 shares in the past one quarter. The stock had hit a high of Rs 209.90 and a low of Rs 203.15 so far during the day. The stock had hit a record high of Rs 234 on 11 October 2017 and a 52-week low of Rs 75.80 on 26 December 2016.

The stock had underperformed the market over the past one month till 8 December 2017, falling 5.18% compared with the Sensex's 0.09% rise. The stock had, however, outperformed the market over the past one quarter, gaining 15.46% as against the Sensex's 4.93% rise. The scrip had also outperformed the market over the past one year, jumping 113.16% as against the Sensex's 24.56% rise.

The small-cap company has equity capital of Rs 26.14 crore. Face value per share is Rs 2.

Deepak Nitrite said that company's board of directors in a meet held today, 11 December 2017 approved raising of funds by way of qualified Institutions placement of equity shares up to an amount not exceeding Rs 150 crore, subject to approval of members of the company.

Deepak Nitrite's net profit rose 53.3% to Rs 22.69 crore on 16% rise in net sales to Rs 354.99 crore in Q2 September 2017 over Q2 September 2016.

Deepak Nitrite is a multi-division and multi-product company. The company's portfolio is a wide spectrum of products with diverse applications ranging from agrochemicals, rubber, pharmaceuticals, paper, textile, detergent, colourants, and petrochemicals to speciality and fine chemicals.

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