Deepak Nitrite recovers on bargain hunting

Deepak Nitrite rose 1.84% to Rs 83.15 at 9:40 IST on BSE, with the stock recovering on bargain hunting after recent steep slide.

Meanwhile, the S&P BSE Sensex was up 27.09 points or 0.1% at 25,834.19.

On the BSE, 2,917 shares were traded on the counter so far as against the average daily volumes of 61,111 shares in the past one quarter. The stock had hit a high of Rs 83.55 and a low of Rs 82.10 so far during the day.

The stock had hit a record high of Rs 134.25 on 9 September 2016 and a 52-week low of Rs 56.10 on 12 February 2016. It had underperformed the market over the past one month till 26 December 2016, sliding 12.67% compared with the Sensex's 1.94% fall. The scrip had also underperformed the market in past one quarter, declining 30.78% as against the Sensex's 8.79% fall.

The small-cap company has equity capital of Rs 23.26 crore. Face value per share is Rs 2.

Shares of Deepak Nitrite tumbled 17.6% in the preceding seven straight trading sessions to settle at Rs 81.65 yesterday, 26 December 2016, from its close of Rs 99.10 on 15 December 2016.

In a recent development on the counter, Quest Investment Advisors on 23 December 2016 sold 35.35 lakh shares of Deepak Nitrite at an average price of Rs 85.12 per share in bulk deals on the NSE. Reliance Mutual Fund-Reliance Small Cap Fund bought 35.73 lakh shares at Rs 85.06 a piece. Quest is an investment management services firm.

Deepak Nitrite's net profit rose 4.3% to Rs 15.41 crore on 10.6% decline in net sales to Rs 299.07 crore in Q2 September 2016 over Q2 September 2015.

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, petrochemicals to speciality and fine chemicals.

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