Deepak Nitrite jumps nearly 15% in two sessions

Deepak Nitrite jumped 8.46% to Rs 610.95 at 13:51 IST on BSE, extending Monday's 5.86% rise triggered by the company's board approving stock split and bonus issue.

The company made the announcement after market hours on Friday, 2 May 2014. Shares of Deepak Nitrite jumped 5.86% to Rs 563.30 on Monday, 5 May 2014. The stock has risen 14.82% in two trading sessions from Rs 532.10 on Friday, 2 May 2014.

Meanwhile, the BSE Sensex was up 90.98 points, or 0.41%, to 22,536.10.

On BSE, so far 45,000 shares were traded in the counter, compared with an average volume of 6,895 shares in the past one quarter.

The stock hit a high of Rs 624.50 and a low of Rs 566 so far during the day. The stock hit a 52-week high of Rs 624.50 on 6 May 2014. The stock hit a 52-week low of Rs 211 on 28 August 2013.

The stock had outperformed the market over the past one month till 5 May 2014, rising 23.79% compared with the Sensex's 0.38% rise. The scrip had also outperformed the market in past one quarter, rising 84.69% as against Sensex's 10.78% rise.

The small-cap company has an equity capital of Rs 10.45 crore. Face value per share is Rs 10.

Deepak Nitrite said that its board of directors at its meeting held on Friday, 2 May 2014, approved 5-for-1 stock split. The board also approved issue of bonus shares in the ratio of 1:1.

Deepak Nitrite's net profit surged 68.25% to Rs 15.85 crore on 16.13% growth in total income from operations to Rs 360.61 crore in Q4 March 2014 over Q4 March 2013.

Net profit rose 1.32% to Rs 38.32 crore on 24.54% growth in total income from operations to Rs 1269.62 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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