Deepak Nitrite rises 7% in five days

Deepak Nitrite rose 2.05% to Rs 929.25, extending its winning run to fifth consecutive trading session.

The stock has rallied 7% in five sessions from its previous closing low of Rs 868.55 on 21 December 2020. The counter hit a record high of Rs 943.85 on 18 December 2020. The stock has rallied nearly 200% from its 52-week low of Rs 310 on 19 March 2020.

Meanwhile, the company on 15 December 2020 received environment clearance for expanding manufacturing plant of synthetic organic chemicals at Nandesari in Vadodara, Gujarat.

Deepak Nitrite is one of the leading supplier of chemical intermediates. It has a diversified portfolio of intermediates that cater to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments in India and overseas.

On a consolidated basis, the company recorded a 13.2% rise in net profit to Rs 170.19 crore on a 1.6% fall in net sales to Rs 987.34 crore in Q2 September 2020 over Q2 September 2019.

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