Deepak Nitrite hits record high

Deepak Nitrite rose 4.71% to Rs 101.15 at 14:45 IST on BSE after the company said that its board of directors at a meeting held today, 23 June 2014, approved the sale of parcel of land admeasuring 12,141 sq. mt at Sinhagad Road, Pune, Maharashtra.

The announcement was made during market hours today, 23 June 2014.

Meanwhile, the S&P BSE Sensex was down 160.48 points or 0.64% at 24,945.03.

On BSE, so far 3.16 lakh shares were traded in the counter as against average daily volume of 13,201 shares in the past one quarter.

The stock hit a high of Rs 106 so far during the day, which is a record high for the counter. The stock hit a low of Rs 96.60 so far during the day. The stock had hit a 52-week low of Rs 21.10 on 28 August 2013.

The stock had outperformed the market over the past one month till 20 June 2014, surging 38.22% compared with the Sensex's 2.99% rise. The scrip had outperformed the market in past one quarter, spurting 132.77% as against Sensex's 15.48% rise.

The small-cap company has equity capital of Rs 20.91 crore. Face value per share is Rs 2.

Deepak Nitrite's board of directors at its meeting held today, 23 June 2014, approved the sale of parcel of land admeasuring 12,141 sq. mt at Sinhagad Road, Pune, Maharashtra, subject to receipt of all requisite approvals and permissions, based on the valuation report of renowned independent professional firm. The proposal to sell the said land is with a view to monetize the value of its unutilized assets and improve shareholders value by freeing up capital to facilitate growth, Deepak Nitrite said. The company will continue to make additional disclosures as and when definitive material events in this process takes place, Deepak Nitrite added.

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.

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

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